Sri Lanka has expressed its intention to present a plan by June to lift the import restrictions currently imposed in the country, it was reported.
The government has promised the European Union (EU) that it will gradually relax the restrictions, taking into account the current economic conditions.
The message was conveyed during the 25th session of the Sri Lanka – EU Joint Commission that was held virtually on April 25.
Sri Lanka imposed a ban on imports in the latter part of 2020 due to the effects of the coronavirus pandemic and later extended the ban due to the economic crisis.
The EU, which is Sri Lanka’s second-largest trading partner, has since expressed displeasure over the decision and has also repeatedly urged Sri Lanka to steer away from the protectionist trade policies which are deemed unfair to its trading partners.
In March, the International Monetary Fund (IMF) too revealed that Sri Lanka was expected to phase out the import and exchange restrictions currently in place.
IMF Mission Chief Masahiro Nozaki said Sri Lankan authorities will develop a plan for the phased removal of import restrictions and exchange restrictions related to the balance of payments (BOP).
Masahiro Nozaki revealed that that plan is due by June 2023. (NewsWire)
