Sri Lanka To Lift Vehicle Import Restrictions

• In a bid to stimulate economic growth, Sri Lanka is contemplating the lifting of vehicle import restrictions. Local media outlets report that Sri Lanka’s Ministry of Finance is considering to ease these restrictions, potentially by the close of 2024 or early 2025, pending certain conditions.
• This consideration comes after Sri Lanka enforced a ban on vehicle imports in response to the economic turmoil that hit the island nation in 2022.
• Sri Lanka President Ranil Wickremasinghe’s appointed committee’s recommendations are slated to play a pivotal role in the decision-making process.
• The committee’s view appears to be in line with meeting revenue targets set by IMF for next year.
• However, this move could potentially strain the country’s foreign exchange reserves by approximately 800 million USD. Sri Lanka, grappling with its most severe economic downturn since gaining independence, has been actively seeking ways to rejuvenate its economy.
• Sri Lankan rupee has shown signs of stabilization, prompting President Wickremasinghe to hint at further positive developments in the currency’s value in the foreseeable future.

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Published date : 29 Apr 2024 05:27PM