COLOMBO, Dec. 18 (Xinhua) -- Sri Lankan President Anura Kumara Dissanayake said on Wednesday that the Sri Lankan government aims to raise the country's foreign exchange reserves to 15.1 billion U.S. dollars by 2028.
The president told parliament that under his watch Sri Lanka will not face an economic crisis again as it did in 2022.
Dissanayake said the government was able to reach an agreement with the International Monetary Fund (IMF) to increase the Pay As You Earn Tax exemption limit from 100,000 rupees (about 345 U.S. dollars) to 150,000 rupees (about 517 dollars).
He added that the IMF agreed to reduce tax on services exports from the existing 30 percent to 15 percent.
Dissanayake also announced that the government has decided to allow the import of vehicles for personal use, with effect from Feb. 1, 2025.
He added that the import restrictions on passenger buses and special-purpose vehicles have already been lifted as of Dec. 14. ■