COLOMBO, Feb. 26 (Xinhua) -- The first batch of vehicles imported for private use arrived at Colombo Port on Tuesday, following the government's decision to end a five-year suspension on vehicle imports due to foreign reserve shortages.
Speaking to the press in Colombo on Wednesday, Vehicle Importers' Association of Sri Lanka President Prasad Manage said the first shipment has arrived from Thailand, and another shipment from Japan was scheduled to arrive at Hambantota International Port on Thursday.
The Sri Lankan government officially lifted the temporary ban on vehicle imports, which had been in place since early 2020, on Jan. 31, 2025.
One of primary reasons for lifting the suspension was to boost state revenue and meet the tax target of 15 percent of gross domestic product, a requirement under Sri Lanka's bailout agreement with the International Monetary Fund (IMF).
During a recent budget speech in the parliament, Sri Lankan President Anura Kumara Dissanayake said the liberalization of motor vehicle imports was expected to generate a significant portion of the government's revenue gains.
He also said that vehicle imports will be closely monitored to prevent any adverse effects on the country's external sector stability.
