Cash-strapped Sri Lanka ends ban on vehicle imports
Sri Lanka lifted its five-year ban on vehicle imports, starting with buses, trucks, and utility vehicles, as signs of economic recovery emerge. The phased removal aims to generate tax revenue while protecting foreign reserves, capping imports at $1.2 billion. The nation ended its bankruptcy status in December 2023 after debt restructuring deals, following its 2022 default on $46 billion. Recovery continues, bolstered by an IMF bailout loan.