Import restrictions to be lifted gradually, says President

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe on Tuesday (21) said that Sri Lanka will lift import restrictions gradually after the Executive Board of the IMF approved the country's bailout package.

"Yesterday, the Executive Board of the International Monetary Fund approved the Extended Fund Facility for Sri Lanka. That approval sends a signal that Sri Lanka has the strength to restructure its debt. Sri Lanka will no longer be considered as a bankrupt nation," he told the nation in a televised statement on Tuesday (21).

He said with the assistance given by the International Monetary Fund the country's reserves will be developed, and thus import restrictions will be lifted gradually. 

"Essential Goods, Medicines, and material required for the Tourism Sector will be included in the first round of that process," he said.