NEC discusses on boosting foreign exchange reserves

NEC discusses on boosting foreign exchange reserves

July 11, 2018   11:22 am

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The National Economic Council paid attention on finding a systematic solution to save the customer from the disadvantageous circumstances caused due to the business dealers attempting to gain exorbitant profits when providing goods and services.

This was discussed broadly at a meeting of the National Economic Council held at the President’s office on July 10. President Maithripala Sirisena presided over the meeting, according to President’s Media Division.

It was paid attention to make the amendments to the tax policy in order to increase foreign exchange reserves by increasing exports and managing imports.

It was also discussed to provide concessions to the development in exports and to implement a tax policy to encourage exports.

The Foreign exchange makes a considerable contribution for the development of the Sri Lankan economy. The President said that foreign exchange remittances to the country should be free of taxes and levies as this would be useful to enhance foreign exchange reserves.

President Sirisena, who instructed to expedite construction of a pipeline with a 12 inch diameter to transport oil from the port of Colombo to Kolonnawa refinery, discussed the steps to be taken to solve the issues arisen at Mahawatta area in regarding the construction of the pipeline.

The energy sector development plan for the period up to 2030, which has been planned by the Ministry of Power and Energy and funded by Japan was presented to the President by Japanese Ambassador Kenichi Suganuma. Chief Representative of JICA Sri Lanka office was also present in this event.

Ministers Mangala Samaraweera, Mahinda Samarasighe, Arjuna Ranatunga, Ranjith Siyamblapitiya, Kabir Hashim, State Minister, Ajith.P. Perera, and other ministers Udaya. R. Seneviratne, Secretary-General of the National Economic Council, Prof Lalith Samarakoon and other members were present in the event.

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