Sri Lanka unveils roadmap to ease vehicle import restrictions by 2025: IMF

14 June 2024 10:44 am Views - {{hitsCtrl.values.hits}} 10 Bookmark

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The International Monetary Fund (IMF) said Sri Lankan authorities have formulated an initial roadmap to ease restrictions on motor vehicle imports by 2025.

This plan will commence with public passenger and special purpose vehicles in the third quarter of 2024, followed by goods transport vehicles in the fourth quarter of the same year, with the remainder set to follow suit in 2025.

A comprehensive plan detailing the tax implications and effects on reserve accumulations is slated for completion by June 15, 2024. Sri Lanka anticipates generating approximately 0.8 percent of GDP from the relaxation of import restrictions on motor vehicles.

Moreover, Sri Lanka has pledged to devise a plan to eliminate remaining administrative Balance of Payments (BoP) measures, encompassing exchange restrictions, Multiple Currency Practices (MCP) and capital flow measures (CFMs), by the conclusion of May 2024.

The IMF completed the second review under the 48-month Extended Fund Facility (EFF) arrangement, allowing the authorities to draw SDR 254 million (about USD 336 million). This brings the total IMF financial support disbursed so far to SDR 762 million (about USD 01 billion).

Comments - 10

mohandev Friday, 14 June 2024 10:50 AM

Wow, now can dream of when all those unreg luxury cars - EVs

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Nalin Gooneratne Friday, 14 June 2024 02:23 PM

We already have too many cars. If the misused government vehicles are sold there will be less traffic. We must increase the buses and trains.

1 6

RICH TRYING TO KEEP UP WITH THE RICH, IT'S LIKE TRYING TO KEEP UP WITH THE JONE'S Friday, 14 June 2024 03:05 PM

CORRECT NALIN AND NOT FORGETTING THE RICH HAVING SEVERAL VEHICLES PARKED IN THEIR PREMISES AND OR BUSINESSES, WITH MORE THAN ONE VEHICLE FOR EVERY FAMILY MEMBER. MORE OF A SHOW THAN DAILY USE.

5 1

blessme Friday, 14 June 2024 03:12 PM

US dollar will start flying up word no sooner the vehicle import restrictions are relaxed . I feel sorry for the Dollars earned by our poor girls in the middle east amidst pain and tears

5 11

Athk69 Friday, 14 June 2024 03:21 PM

Is this really a priority, when most people can't afford proper meals, or for that matter even support their families with basic necessities? The national priorities are all messed up. Wake up Sri Lanka.

0 0

Ahmed Friday, 14 June 2024 05:37 PM

I feel sorry for the youth of this country. Look what politicians have done to the youth of this country.

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sach Friday, 14 June 2024 06:19 PM

Isnt Sri Lanka still bankrupt? We had a good economy in 2014 before yahapalana hit us. Worst mistake in my life is voting for yahapalas in 2015

5 2

Sirisena Gamanpilla Friday, 14 June 2024 07:11 PM

Are cars the need of the day? We have decrepit railways tge envy of no one, a bankrupt airline tgat no one wants, polluting tuk tuks that pass for modern taxis. This decision to import cars is again the product of a thieving elitist political cabal ( all parties).

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ding dong Saturday, 15 June 2024 07:50 AM

IMF has to guide to Sri Lanka how to manage their finance.

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Wera Monday, 17 June 2024 11:23 AM

This is again an IMF opinion. It should be strongly opposed by the Sri Lankan government. Cars can wait until the debt becomes more sustainable.

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