New plan needed if GSP+ is lost-Cabraal

Central Bank Governor Nivard Cabraal said that while all steps are being taken politically to ensure that the country receives GSP+, banks and the industries need to anticipate the risks.

“We definitely want the banks to address this issue and have a plan to fall back on. Banks should work closely with the apparel industry in order to mitigate the risk of losing GSP+, should Sri Lanka lose it when the EU reviews the country’s claims to the concessions under the scheme later this year,” he said, speaking at a public forum on Wednesday.

"We cannot wait and think that everything will work out the way we want them to be. If we don’t get GSP+ will our garment industry fold up? Will we say that we cannot recover because of a political decision that will take place somewhere else," he noted.

"Banks should work closely with industry to see how best the risk could be mitigated. That is what banking is all about," Cabraal added.