Sri Lanka bans import of chocolates, perfumes amid economic crisis

Agencies | Colombo

The Daily Tribune – www.newsofbahrain.com

In an effort to combat its biggest economic crisis, which was brought on by a lack of foreign currency, Sri Lanka has banned the import of 300 consumer goods like chocolates, perfumes, and shampoos.
Since gaining independence in 1948, Sri Lanka is currently experiencing its worst economic crisis.

Since early this year, the deepening forex crisis has created shortages of basic goods, sparking large-scale street protests that have resulted in the overthrow of the Gotabaya Rajapaksa government last month.
The Sri Lankan finance ministry issued a special notification in which the ban was imposed on 300 different products, including chocolates, fragrances, cosmetics, shampoo, and other commodities.

The announcement stated that an import ban on a variety of consumer goods, from food to machinery, has gone into immediate force under imports and exports control regulations dated August 22.
However, it added that these items would still be acceptable if shipped before August 23 and arrived in the country by September 14. Due to the FX crisis, Sri Lanka declared default on its international debt in mid-April.

The island nation is desperate for an International Monetary Fund (IMF) bailout and talks for a staff level agreement commenced here on Wednesday. Nandalal Weerasinghe, the governor of Sri Lanka's central bank, has expressed optimism that the IMF facility will be made available by the end of the year.