- Cabinet approves request made by Bandula
The Cabinet of Ministers yesterday (8) granted approval to pay an incentive of Rs. 30 per US dollar (USD) on export earnings with the expectation of easing the difficulties faced by exporters.
This proposal, which was furnished by Minister of Trade Bandula Gunawardana and presented to Parliament, requested to pay an incentive of Rs. 30 per US earned on export earnings over the previous quarter to companies that have achieved at least 10% export progress compared to the corresponding quarter of the previous year.
The exporters encounter difficulties in making capital in USD due to high inflation, which has now risen to a double-digit figure, foreign exchange deficit, restrictions on imports of raw materials, as well as high operating costs.
The implementation of this incentive scheme for exporters is expected to generate additional
revenue of $ 5,500 million in 2022 over export earnings in 2021.