The United States’ Generalized System of Preferences (GSP) program will expire on December 31, 2017, the US Embassy said in a media statement. As of now the United States Congress has not re-authorize GSP and as such previous GSP eligible imports to the United States from Sri Lanka and other beneficiary countries and territories will be subject to non-preferential duties beginning January 1, 2018.
The United States according to the statement has serve as the top export market for Sri Lanka. According to the Global Trade Atlas, in 2016, the United States imported $2.8 billion of Sri Lankan goods.
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The Ceylon Petroleum Corporation (CPC) will reduce fuel prices with effect from midnight today.
Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, has cautioned that reversing the current economic programme could lead to a resurgence of the severe economic and social crisis Sri Lanka endured nearly two years ago.
President Ranil Wickremesinghe today inaugurated the open cycle phase of the “Sobadhanavi” 350 MW Combined Cycle Power Plant in Kerawalapitiya, the President’s Media Division (PMD) said.
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