Sri Lanka is considering ending vehicle import restrictions
Recently, according to local media, Sri Lanka’s Finance Ministry is considering easing vehicle import restrictions until the end of 2024 or early 2025, except for certain conditions. This decision is to increase the pace of economic growth of the country.
Vehicle import restrictions in Sri Lanka
- This is being considered after the ban on vehicle imports in the year 2022 in response to the economic turmoil in the island nation.
- The recommendations of the committee appointed by Sri Lankan President Ranil Wickremesinghe will play an important role in the decision. The view of this committee seems to be in line with meeting the revenue targets set by the International Monetary Fund (IMF) for the next year.
- This step may increase the burden on the country’s foreign exchange reserves by approximately Rs 66 billion 75 crore. Sri Lanka is suffering from a severe economic recession. It is taking several measures to revive its economy.
- The Sri Lankan rupee has started showing signs of stability. Inspired by this, President Wickremesinghe may indicate a positive development in the value of the currency in the near future.
About Sri lanka
- Sri Lanka is an island nation located in South Asia.
- It is also called the tip of the eyelid. It is surrounded by the Bay of Bengal and the Indian Ocean.
- Capital: Sri Jayewardenepura Kotte (Colombo)
- The official currency of Sri Lanka is the “Sri Lankan Rupee” (LKR).
- Sinhala and Tamil are the main languages and Buddhism is most practiced.
- Tea, rubber and cotton are Sri Lanka’s major export products. Tourism is also an important part of the economy.
- Portuguese, Dutch and British colonialists also ruled the island.
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