Sri Lanka will continue its vehicle import restrictions throughout 2024, confirmed Cabinet Spokesperson and Minister Bandula Gunawardena. President Ranil Wickremesinghe, also the Finance Minister, has indicated potential for easing these restrictions in 2025, contingent on meeting International Monetary Fund (IMF) requirements.

Sri Lanka's extended fund facility with the IMF requires the country to achieve specific foreign exchange reserve targets: $8 billion by 2025, $10 billion by 2026, and $14 billion by 2027. The government aims to avoid depleting these reserves through increased vehicle imports.

Minister Gunawardena noted that a committee under the Finance Ministry is gathering information and planning for a potential future easing of restrictions. No final decisions have been made, and maintaining healthy foreign exchange reserves remains the priority.