JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL)
The Economy
Fitch Ratings provides positive update on Sri Lanka’s debt restructuring progress
Fitch Ratings stated that Sri Lanka’s commitment to the IMF programme targets and debt restructuring, as agreed with international bondholders in September, reduces risks to the debt treatment process.
Link: https://tinyurl.com/mr2sc4b3
World Bank approves loan worth USD 200 million for Sri Lanka’s economic reforms
Sri Lanka has signed a USD 200 million budget support loan agreement with the World Bank, aimed at supporting economic reforms in debt management, banking, and female empowerment.
Link: https://tinyurl.com/btvxt5ns
Tourist arrivals surpass 1.5 million indicating a positive start to October
Sri Lanka tourism has achieved a significant milestone by surpassing 1.5 million arrivals in 2024. The country welcomed over 20,000 visitors in the first week of October, indicating a positive start to the final quarter of the year.
Link: https://tinyurl.com/yc8fkaeb
Politics & Policy Sri Lanka seeks membership in BRICS economic bloc
Sri Lanka is actively pursuing membership in the BRICS economic bloc, and has formally requested support from India in this regard, Cabinet Spokesman Minister Vijitha Herath stated.
Link: https://tinyurl.com/r6ntw49y
New amendments to the Electricity Act currently under review
The Ministry of Power has announced plans to amend the Electricity Act. The new amendments seek to maximize efficiency and benefits for both the country, and the Ceylon Electricity Board (CEB), while minimizing any potential harm.
Link: https://tinyurl.com/y7bxajaj
Vehicle imports for public transport initiated
Imports of public transport vehicles, including buses, commenced on 01 October. The Ministry of Finance has announced that light vehicles, including cars, will be imported in the first quarter of next year.
Link: https://tinyurl.com/5yfd525h
Nearly 250 independent groups place deposits for the upcoming General Elections
A total of 246 independent groups have placed their cash deposits for the upcoming general elections scheduled for 14 November, 2024, the Election Commission stated.
Link: https://tinyurl.com/y6byth4u
Jordan and Sri Lanka engage in discussion to enhance trade and investments
Irbid Chamber of Commerce Chairman Mohammad Shoha and Sri Lankan Ambassador Priyangika Wijegunasekera held discussions on enhancing trade and investment cooperation between Jordan and Sri Lanka, focusing on agriculture, commerce, and new investment opportunities.
Link: https://tinyurl.com/3nd3bnx2
What you need to know Purchasers redirecting cancelled orders to Bangladesh’s competitors
Western buyers are diverting orders for Readymade Garment (RMG) items to Bangladesh’s competitor countries amid deteriorating law and order following the change in power, worker dissatisfaction, protests, strikes, and factory closures.
Link: https://tinyurl.com/2hznb65w
Hayleys Fabrics receives ZDHC Torchbearer Award Hayleys Fabrics PLC was awarded the prestigious ZDHC Torchbearer Award for its leadership in sustainable chemical management, at the fifth ZDHC South Asia Regional Conference on Sustainable Chemical Management in the Fashion Industry, held in Chennai recently.
Link: https://tinyurl.com/2smp2uct
Brandix recognised for efforts in empowering women in the workplace Brandix, the leading apparel solutions provider in the country, was honoured as one of Sri Lanka’s ‘Most Outstanding Women-Friendly Workplaces’ at the 2024 Satyn Magazine Women Friendly Workplace Awards (WFWA). Link: https://tinyurl.com/4wffmenk
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
