The Government of Sri Lanka has expressed readiness to work with the United States to address trade imbalances and strengthen bilateral trade relations.
In an official statement, the Finance Ministry highlighted concerns over a 44% US tariff on Sri Lankan exports, which amount to USD 3 billion annually.
Sri Lanka, currently under the IMF Extended Fund Facility since March 2023, emphasized the importance of US support in its economic recovery and debt restructuring efforts. With the economy stabilizing and projected to grow by 5% in 2024, the government warned that global demand slowdown could impact progress.
The statement also outlined Sri Lanka’s commitment to reducing trade barriers and enhancing the ease of doing business, aiming to unlock new opportunities and deepen economic ties with the US. (NewsWire)
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