Sri Lanka lifts import limits on 286 items as crisis eases

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Sri Lanka on Saturday lifted import restrictions on 286 items, said Finance Ministry as the nation is starting to emerge from its worst economic crisis in decades...

Sri Lanka had plunged into crisis last year as its foreign exchange reserves ran out..

The government limited imports on more than 3,200 items, including seafood, electronics, and even musical instruments..

Sri Lanka secured a $2.9 billion bailout from the International Monetary Fund (IMF), moderated its soaring inflation and embarked on rebuilding its foreign exchange reserves..

The IMF expects Sri Lanka's economy to shrink about 3% this year after a 7.8% contraction last year, but the government forecasts a return to growth next year..

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