Central Bank says Sri Lanka can manage if GSP is withdrawn

The Central Bank of Sri Lanka says the country can manage with certain policy changes, in the event the EU GSP Plus facility is withdrawn.

The Governor of the Central Bank Ajith Nivard Cabraal said that all stakeholders have been assured that Sri Lanka will be in a position to deal with the situation if the trade facility is withdrawn.

He said that the Central Bank will implement the necessary policy changes to deal with the situation that may arise if the EU GSP Plus facility is withdrawn.

The Governor also said that the bank will support a fuel price hike.

He said that there is a rapid rise in the price of fuel in the world market and that cannot be controlled by Sri Lanka.

Cabraal said that a fuel price hike will help address certain vulnerabilities in the economy. (Colombo Gazette)

5 COMMENTS

  1. The Central Bank may be able to manage if the GSP plus facility is withdrawn.
    However, exporters will be left lamenting. But, who are we to argue with a financial genius like Ajith Nivard Cabraal ? Even when the “cabraal” is about to hit the fan.

  2. Ajith Nivard Cabraal has enjoyed luxury living for 8 and 1/2 years at the expense of the Sri Lankan taxpayers.

    “General Secretary of Democratic United National Front (DUNF) Ariyawansa Dissanayake filed this petition naming the Monetary Board of Sri Lanka, Central Bank Governor Ajith Nivard Cabraal, Finance Minister Basil Rajapaksa, members of the Monetary Board of Sri Lanka and several others as respondents.

    The petitioner said incumbent Governor Ajith Nivard Cabraal nor any other past Governors of the CBSL are entitled to have a pension as the Monetary Law Act has not supplied any provision to that effect.

    The petitioner further said the Monetary Law Act has provided provisions only to authorize salaries to the staff of the CBSL and the Governor is not considered as a member of the staff.

    The petitioner further said the Governor of the CBSL is entitled for a package with a very high remuneration as decided by the President as Per Section 12(3) of the Monetary Law Act, which includes an official residence with all super luxuries, two luxury cars, security guards, drivers, domestic servants, free foreign tours with first-class air tickets, accommodation in presidential suits in best star class hotels and surprisingly an international credit card with unlimited amounts.”

    Source Daily Mirror.

  3. If GSP withdrawn Whats will happen to all the Garments Manufacturing Industries I Think Better To Adhere To There’s Request Abolished The PTA With A One Letter and One Signature All Done

LEAVE A REPLY

Please enter your comment!
Please enter your name here