JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL)

💰 The Economy
📰 Expatriate workers remitted USD 577.5 million in August
The Sri Lanka Bureau of Foreign Employment reported an 11percent increase in remittances in
August compared to the same month last year, with USD 577.5 million sent by expatriate
workers through legal banking channels.
Link: https://tinyurl.com/hezctx59

📰 Central Bank relaxes mandatory export conversion period
The Central Bank has extended the mandatory export conversion period under its latest export
proceeds conversion rule, effective 04 September 2024. The new rules increase the export
conversion period from one month to three months.
Link: https://tinyurl.com/4rmr8w7b

📰 Revenue from tourism records USD 282 million in August
The tourism industry recorded an income of USD 282.1 million in August, reflecting an increase
from USD 210.5 million during the same period in the previous year.
Link: https://tinyurl.com/386scmw4

⚖ Politics & Policy
📰 Revised import duties set to boost local trade and industries
The Cabinet of Ministers approved a series of import duty adjustments, targeting various sectors
from manufacturing to trade. The new policy measures address Customs Import Duties (CID),
CESS levies, special commodity levies, and ports and airports development levies.
Link: https://tinyurl.com/mvjjs7s9

📰 Cabinet approves USD 400 million Asian Development Bank (ADB) loan
The Cabinet of Ministers has granted approval for the procurement of a policy-based loan of
USD 400 million from the ADB through two sub-programmes for the implementation of Sri
Lanka’s financial sector stability and reform programme.
Link: https://tinyurl.com/yc4zcxy2

📰 Minimum basic salary of private sector employees increased to LKR 21,000
Speaker Mahinda Yapa Abeywardena endorsed the certificate on the National Minimum Wage
of Workers (Amendment) Bill, making the minimum basic salary for private sector employees
LKR 17,500 in accordance with Article 79 of the Constitution. Together with the budgetary
relief allowances of LKR 3,500, this brings the effective minimum to LKR 21,000 per month.
Link: https://tinyurl.com/3pmaw3nt

📰 Cabinet nod to increase Mahapola payments
The Cabinet of Ministers has approved an increase in the monthly Mahapola scholarship and
bursary payments for university students.
Link: https://tinyurl.com/5fjjn75v

📰 Election Commission resolves 74 percent of complaints received on election law violations
Nearly 74 per cent of complaints received by the Election Commission regarding alleged
election law violations, have been resolved by the Commission.
Link: https://tinyurl.com/2p34ysu5

📰 As election nears, 19 presidential candidates yet to launch campaigns
At least 19 presidential candidates are yet to engage in any campaign activity, Election
monitoring body, the People’s Action for Free & Fair Elections (PAFFREL) has said. Accordingly,
several candidates have yet to establish party offices, while only ten have secured air time to
present their election manifestos.
Link: https://tinyurl.com/y9558waj

📰 New deal reached to offer LKR 1,350 wage structure for plantation workers
Wage negotiations have set a daily minimum wage of LKR 1,350 for estate workers, with an
additional LKR 50 tied to productivity. The agreement, reached by the Estate Sector Wage
Control Council, will take effect once the Gazette is published and will remain valid for three
years.
Link: https://tinyurl.com/2xccc4wa

📰 Cabinet approves USD 93 million ADB loan for Mahaweli water conservation project
The Cabinet of Ministers approved a USD 93 million loan agreement with ADB on 08 September.
The loan, from ADB’s general capital resources, will support the ongoing Mahaweli Water
Conservation Investment Program.
Link: https://tinyurl.com/ycuss4pu

⁉ What you need to know
📰 Joint Apparel Association Forum (JAAF) calls for urgent action on business visa issue
JAAF has called on the Government to urgently address the ongoing suspension of short-term
business visa issuance, halted since 02 August. JAAF highlighted that the lack of a proper visa
system has created significant entry challenges for foreign business visitors, including buyers,
machinery suppliers, and technical service providers.
Link: https://tinyurl.com/ytm2yj5f

📰 Omega Line and Hirdaramani have emerged as champions of the Super League
Omega Line and Hirdaramani Apparels were crowned champions of the Super League of the
Trade Services Volleyball Tournament organised by the Trade Services Volleyball Association.
Link: https://tinyurl.com/2p9kp8dk

Disclaimer – This Advisory is intended for circulation among JAAF stakeholders only. Please do
not circulate or share on social media.

This Advisory, written for our partners interested in developments in Sri Lanka against the
backdrop of the current crisis, is an update on the one issued last week. This document
summarises results covering significant political and economic events. The Advisory includes
economic, political, social and governance perspectives. It draws on news reports, analyses,
Government announcements and documents, and other sources that we may be in contact with
or have access to.

This Advisory was prepared by the Strategic Communications Unit of Adfactors PR Lanka.
For inquiries, contact sarah.muiz@adfactorspr.com