The Central Bank of Sri Lanka (CBSL) has released $ 50 million to two State banks to enable the clearance of cargo carrying hundreds of essential goods, which have been stuck at the Colombo Port for weeks.
Cabinet approval was granted on Monday, and the CBSL will release more funds if needed.
The move comes after the Prime Minister Mahinda Rajapaksa-chaired Cabinet Sub-Committee on Cost of Living on Friday instructed the Controller General of Imports and Exports and the Director-General of Customs to immediately release 800 containers of essential food items which are stuck at the Colombo Port due to various reasons, including the failure by banks to release foreign exchange to importers. It is understood that the CBSL funds released yesterday could clear 400 containers.
“There are two types of containers stuck at the port – imported legally and illegally. The Cabinet of Ministers decided to confiscate illegally imported containers and hand those over to Sathosa,” Cooperative Services, Marketing Development and Consumer Protection State Minister Lasantha Alagiyawanna said at the weekly post-Cabinet meeting media briefing on Tuesday.
Source : Daily FT
