Sri Lanka saves 2.5 billion USD through import restrictions

Sri Lanka has saved 2.5 billion U.S. dollars since import restrictions were imposed in 2022, State Minister of Finance Ranjith Siyambalapitiya said on Thursday.

The money saved has been used to import essential items such as fuel, medicines and fertilizer, said the state minister at the International Customs Day ceremony. "Because of the import restrictions, people will not have to suffer the way they did in 2022 again," he said.

The country has also increased its revenue from increasing taxes and reduced inflation by raising interest rates, Siyambalapitiya said. The Sri Lankan government imposed restrictions on the import of more than 1,400 items in August 2022 but has lifted restrictions on some items later.

-RSS