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Talks with IMF on revenue loss from US tariffs
View(s):Sri Lanka will discuss with the IMF measures to be taken to offset the revenue losses from the 30% tariff imposed on the country by the United States, effective from August 1, Treasury officials said.
The country may not be able to meet the tax revenue targets set under the IMF’s Extended Fund Facility (EFF), and hence the need to discuss the possible fallout of this situation, the officials said. US imports from Sri Lanka totalled more than $3 billion in 2024, while US exports to Sri Lanka were $368.2 million, resulting in a trade deficit of $2.6 billion.
The officials also said they hoped to hold discussions with US trade representatives on getting concessions for the apparel sector, as around 40% of garments from the country are sent to the US market. However, no date has been fixed for such talks.
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