Sri Lanka’s State Minister of Finance Ranjith Siyambalapitiya says that the country’s import restrictions will be lifted only after strict supervision in order to prevent the emergence of another economic crisis.

Speaking to the media on August 20, the State Minister emphasized that a country cannot ban imports in the long term.

Govt notification issued amending imports and exports regulations

“We had to stop over 3,000 HS codes (Harmonized System codes). That’s how we protected the foreign reserves, which had become zero, and now grown up to USD 3 billion”, he said.

“A country cannot ban imports in the long term. The country should gradually be opened.”

Further, he stated that to focus on a positive economy and expand the country’s economy, the most important thing is to provide the necessary facilities for international trade.

“When we lift the import ban on any product, we consider all sides. Decisions are made by looking at every aspect such as the need for the relevant product, its alternatives and etc.”