The Hon. Wijesiri Basnayake

¶ 01 Hon. Presiding Member, we are discussing the Resolution under the Customs Ordinance, Annexure “A” (Section 2 of Schedule B) relating to import duties. This Gazette addresses several key issues. Among the primary aims are mobilizing revenue for the State and recommencing vehicle imports in line with national needs.

¶ 02 We know lifting an import ban impacts the economy—foreign reserves, the exchange rate, and rupee stability. With careful analysis, we have taken this decision. Through these measures—and with broader economic stabilization—we are creating the environment for essential private vehicle imports in a responsible manner.

¶ 03 Consider the period since September 2024; today is May 2025. There has been a major transformation in our economic, social, cultural, and political landscape. Previously, governance allowed impunity: misuse of state resources, lawlessness by the highest echelons, and corruption, including illicit liquor and narcotics trade, and organized crime patronized by corrupt politicians. State institutions were wrecked to serve private interests. We have changed that.

¶ 04 Within months we stabilized a broken economy. We inherited a defaulted state, rated “D” by international agencies. Today we have moved up by two notches. The country’s brand was tarnished; professionals and public servants left; unemployment and burdens rose; society was under stress while former rulers enjoyed luxuries. In this short period, we restored stability; inflation is at a minimum; the dollar is around Rs. 300—despite predictions it would hit Rs. 500.

¶ 05 Tourists are returning in large numbers; exports have risen this year-to-date. Plans for new industrial zones are underway; we have revived long-dormant state industries—Paranthan Chemicals, Valachchenai Paper, and Elephant Pass Salt—reinvigorating the productive economy. Foreign direct investors who exited—Japanese and Chinese projects among them—are returning and reactivating projects. We are also managing external shocks responsibly, including the recent US tariff developments, engaging diplomatically to position Sri Lanka well. The World Bank President Ajay Banga recently agreed on a US$1 billion support package. The IMF fourth review has reached Staff-Level Agreement. Amid these transformations, we discuss vehicle import duties—for the people’s convenience—consistent with our promise: “A prosperous country—beautiful lives.” Thank you.