COPF to summon CBSL Governor, Finance Secretary 

The Committee on Public Finance (COPF), chaired by MP Anura Priyadarshana Yapa, last week (19) decided to summon the Governor of the Central Bank, the Secretary to the Ministry of Finance, and other officials before the committee this week to discuss the current economic crisis and possible solutions.

Further, the Import and Export Control Regulations No. 6 of 2022 mentioned in the Gazette Notification No. 2274/42 dated 9 April 2022, enacted under the Import and Export (Control) Act No. 1 of 1969, were also approved by the COPF yesterday.

Through this gazette notification, it is aimed to save on the cost of importing goods subject to import control licenses without any hindrance to local industries and exports.

Gazette Notification No. 2274/42 dated 9 April 2022 was issued enacting regulations to impose import control license requirements for the importation of 369 non-essential items. These regulations will be applicable to the importation of goods which have the shipped on board date of bill of Lading/Airway Bill on or after 10 April 2022.

It was revealed that the cost of importing goods belonging to the categories of watches, telecommunication equipment and parts, dairy products, alcohol, beauty products, candles, lamps and lighting accessories, fruits, rubber products (tires and erasers), and electrical and electronic items, was higher and that this is 84% of the total import cost. 

Accordingly, it is expected that the new regulations will save a considerable amount, of about $ 512 million, spent on the importation of these goods during the last three years without hindering industries and exports.