Forex shortage is short-lived, says Basil while assuring sufficient stocks of many goods

COLOMBO (News 1st): The foreign exchange shortage experienced in Sri Lanka will be short-lived, said the country's Finance Minister Basil Rajapaksa.

Speaking to officials at the Finance Ministry of Friday (11), Rajapaksa said the government expects to minimize the effects the forex shortage might have on the people.

On Monday (7) President Gotabaya Rajapaksa instructed the officials to take steps to immediately release the containers containing essential items at the custody of Customs.

The President also appointed a committee headed by Finance Minister Basil Rajapaksa to ensure that there is no shortage of essential commodities including food, and this committee met for the first time on Friday (11).

A statement from the Finance Ministry noted that though there is a shortage of Milk Powder, Gas, Wheat Flour, and Cement in the local market, there are sufficient stocks of all other essential items and there will be no shortage.

In addition, the tax reliefs granted by the government for essential food items not being enjoyed by the people were discussed and it was revealed at the meeting that errant traders abuse the concessions granted by the government and sell goods at exorbitant prices.

The implementation of a new mechanism to expedite the release of essential commodities including food to the market, and to regulate and oversee this matter, was also discussed.