Sri Lanka relaxes import restrictions economic crisis

New Delhi: Sri Lanka has relaxed import restrictions on 369 items in March and April this year, the country`s Ministry of Finance said on Wednesday. Sri Lankan Prime Minister Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilization and National Policies, has issued a gazette notification on the relaxation, the Ministry said in a press statement. Earlier, those who wanted to import any of the 369 items had to obtain an import licence, and the decision to restrict the import was taken to reduce foreign currency spending on foreign products.

On Monday, Sri Lanka`s central bank announced that it will ensure importers have access to adequate foreign exchange through the banking sector to import essential items.

Sri Lanka is witnessing an unprecedented economic crisis and political crisis. Large scale protests have been taking place for months, leading to the ouster of former Prime Minister Mahinda Rajapaksa.

Wickremesinghe on Sunday said that five finance committees and 10 oversight committees will be appointed to resolve the economic and political crisis faced by the country.

Wickremesinghe said new committees will be appointed to supplement the already existing committees on government finance namely: the Public Finance Committee, the Accounts Committee, and the Committee on Public Enterprises.

Ten oversight committees that report to the parliament on policies will be appointed, and the parliament should act on the recommendations of these committees, the new Sri Lankan PM said in a special statement.

Wickremesinghe had also stressed the need to change the structure of the parliament to strengthen it. Also Read: Delhi: 1% transfer duty hike to put additional burden on property buyers, say experts

In the official statement, he called for a 21st amendment to the constitution to make the President and cabinet accountable to parliament."We propose a National Council. A committee consisting of the Speaker, the Prime Minister, the leader of the opposition and the leaders of the major parties is called the National Council. The National Council can talk about the policies of the country as well as about the decisions of the Cabinet," the Sri Lankan PM had said. Also Read: Will Apple make more devices in India as it starts moving iPad production to Vietnam? All you need to know