Press briefing of Cabinet Decision taken on 2020-09-16

Submission of Regulations issued under the Imports and Exports (Control ) Act, No.01 of 1969 in Parliament

- The Cabinet granted approval at its meeting held on 2020‑04‑01 for the proposals made by H.E. The President pertaining to streamlining the imports and restoring the economic activities with a view to easing the pressure caused to the foreign exchange due to the COVID-19 pandemic. Accordingly, H.E. the President appointed the Tariff Determination Committee to submit recommendations on action to be taken pertaining to strengthening and reviving the national economy pursuant to the policy statement of “Vistas of Prosperity and Splendor” and as per the recommendations of the said Committee, the importing goods were classified into 03 categories to streamline the import as an interim measure and action was taken as follows:

* temporary suspension of the importation of non-essential goods and commodities that could be cultivated or manufactured domestically and motor vehicles.

* allowing importation of selected commodities under the suppliers' credit facility or on no foreign exchange basis.

* allowing importation of selected goods necessary for domestic industries, agriculture, export processing and domestic consumption.

As such, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance to submit four (04) Gazette Extraordinary Notifications publishing the Regulations promulgated under the Imports and Exports (Control) Act, No.1 of 1969 in Parliament for implementing the aforesaid measures, was approved by the Cabinet.