Saturday, 16 October 2021 12:58 GMT

Central Bank says Sri Lanka can manage if GSP is withdrawn

(MENAFN- Colombo Gazette) 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Bank of Sri Lanka says the country can manage with certain policy changes, in the event the EU GSP Plus facility is withdrawn.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stakeholders have been assured that Sri Lanka will be in a position to deal with the situation if the trade facility is withdrawn.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will implement the necessary policy changes to deal with the situation that may arise if the EU GSP Plus facility is withdrawn.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)

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