Former Foreign and Finance Minister Ali Sabry has called on the government to closely monitor foreign exchange outflows related to vehicle imports, warning that temporary restrictions may be necessary depending on economic conditions.
In a statement, Sabry said the Treasury must carefully track the foreign exchange impact of vehicle imports and consider curbing such imports if circumstances demand, even though the move may prove unpopular.
Sabry stressed that if restrictions are introduced, the government should issue clear and transparent guidelines on how they will be implemented. He noted that the rules must address situations involving vehicles for which Letters of Credit have already been opened or shipments that are already in transit, so that genuine importers are not unfairly affected.
He also urged authorities to put safeguards in place to prevent abuse during any period of restrictions, warning that in times of crisis certain officials at points of control, including customs, may attempt to exploit the situation for personal gain under the guise of emergency measures.
Sabry said strict oversight and accountability mechanisms must be enforced to prevent such practices.
Meanwhile, experts have warned that the ongoing crisis in the Middle East could place additional pressure on Sri Lanka’s foreign reserves, with potential impacts on foreign remittances, tourism revenue, and rising global fuel costs. (Newswire)
