Sri Lanka targets $15.1bn forex reserves by 2028

COLOMBO: Sri Lankan President Anura Kumara Dissanayake announced on Wednesday that the government aims to increase the country’s foreign exchange reserves to $15.1 billion by 2028.

Addressing parliament, President Dissanayake assured that under his leadership, Sri Lanka will not face another economic crisis like the one in 2022.

He revealed that the government has reached an agreement with the International Monetary Fund (IMF) to raise the Pay As You Earn (PAYE) tax exemption limit from 100,000 rupees (approximately $345) to 150,000 rupees (approximately $517).

Additionally, the IMF has agreed to reduce the tax on service exports from 30% to 15%.

President Dissanayake also announced the government's decision to allow the import of vehicles for personal use starting from February 1, 2025. He noted that import restrictions on passenger buses and special-purpose vehicles were lifted on December 14.

By RSS/Xinhua