Supported by a $2.9 billion programme from the global lender, Sri Lanka is gradually recovering from its worst financial crisis in decades, triggered by a record dollar shortage three years ago.
But the island nation needs to tackle global headwinds from 30% U.S. tariffs, which could impact about $3 billion in exports. Colombo is in talks with Washington to attempt to reduce the tariff rate before it is implemented on August 1.
Any shocks from the U.S. tariffs will be addressed within the IMF programme, he added.
“Monetary policy should remain prudent and prioritise price stability,“ the statement said backing continued central bank independence.
7.75%
Apparel, Sri Lanka’s second-largest foreign exchange earner, is particularly exposed — the sector exports 40% of its output to the U.S. and brought in $4.8 billion last year. It employs around 300,000 people, most of them women. - Reuters
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