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ஜெனரல்
The plan to lift the ban on motor vehicle imports next year relies on recommendations from a committee of Treasury officials aiming to meet revenue targets set by the IMF. The committee emphasizes that without allowing vehicle imports, hitting these targets would be difficult. President Ranil Wickremesinghe, also the Finance Minister, will review these recommendations before making a final decision. The urgency arises from the understanding that controlling the US dollar rate for an extended period isn't feasible. Additionally, the committee considers the IMF's higher revenue targets for the next year. While specifics like which vehicles to import and their manufacturing years are still undecided, the goal is clear: to boost revenue.
Already, 1,000 vehicles, including coaches and vans, have been allowed for the tourism sector, showing a gradual relaxation of restrictions. The substantial increase in foreign reserves, from $431 million to $4,951 million in March, supports the case for lifting the ban. Despite an expected annual loss of up to $800 million, the projected tax revenue of Rs 340 billion helps meet local revenue targets. This trade-off emphasizes the committee's aim to balance economic goals with fiscal sustainability. Ultimately, lifting the ban on vehicle imports is seen as a calculated move to align with revenue targets and ensure economic stability in Sri Lanka.
