IMF Reports Sri Lanka's Plan to Resume Vehicle Imports
The IMF reported that Sri Lankan authorities have developed an initial roadmap to relax restrictions on the importation of motor vehicles by 2025.
They said that the process would start with public passenger and special purpose vehicles in the third quarter of 2024, followed by goods transport vehicles in the fourth quarter of 2024 and the rest in 2025.
A detailed plan, including the implications on tax and reserve accumulations, will be finalized by June 15, 2024, said the IMF in a report.
It added that the authorites are committed to develop a plan on removing the remaining administrative BoP measures, including exchange restrictions, Multiple Currency Practices (MCP), and capital flow measures (CFMs), by endMay 2024.
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