JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL)

💰 The Economy
📰 International Monetary Fund (IMF) to approve Sri Lanka’s third review
The Executive Board of the IMF is scheduled to convene in the forthcoming weeks to evaluate
the third review of Sri Lanka’s assistance program. According to the Director of the IMF
Communications Department, Julie Kozack, Sri Lanka will gain access to USD 333 million upon
the Board’s approval of the review.
Link: https://tinyurl.com/256t6kw4

📰 Sri Lanka welcomes over 300,000 tourists as industry gains momentum
Sri Lanka’s tourism industry is experiencing strong growth, with over 300,000 arrivals recorded
in 2025 to date, reflecting optimism in the sector. The first week of February alone, recorded
more than 50,000 tourists arrivals, including 44,293 visitors in the first five days, according to
the Sri Lanka Tourism Development Authority (SLTDA).
Link: https://tinyurl.com/y2jy8vmn

📰 Sri Lanka’s remittances increase by 17.5 percent to USD 573 million in January 2025
Sri Lanka’s foreign remittances from expatriate workers increased by 17.5 percent to USD 573
million in January 2025, compared to the same period last year. This growth was driven by a
higher number of expatriates utilizing official banking channels.
Link: https://tinyurl.com/muheek5c

⚖ Politics & Policy
📰 IMF Executive Director calls on Prime Minister to discuss policy initiatives for economic stability
IMF Executive Director Dr. Krishnamoorthy Subramanian met with Prime Minister Dr. Harini
Amarasuriya at the Prime Minister’s Office in Colombo on February 10. The discussion focused
on key economic matters, including tax policy, the effective management of tax revenue, and
strategies to enhance public sector efficiency.
Link: https://tinyurl.com/44bht87y

📰 Sri Lanka and UAE to ink investment promotion agreement
Sri Lanka is set to sign a mutual investment promotion and security agreement with the United
Arab Emirates (UAE), aimed at creating a robust framework for foreign direct investment.
Link: https://tinyurl.com/ycx9cy5j

📰 Government plans to enhance land accessibility for industrial development
The Government is set to establish a national level initiative at the earliest to replace the
existing, inefficient land allocation mechanisms, which have been identified as a key
impediment to industrial development and export growth.
Link: https://tinyurl.com/7949sn7w

📰 President Anura Kumara Dissanayake to attend the ‘World Government Summit 2025’
President Anura Kumara Dissanayake departed Sri Lanka for the United Arab Emirates (UAE) on
10 February on an official visit. Invited by UAE President Mohamed Bin Zayed Al Nahyan, the
President will attend the ‘World Government Summit 2025’ in Dubai and deliver a speech. He
is also scheduled to hold bilateral talks with President Al Nahyan.

Link: https://tinyurl.com/434cmejs

📰 Government to establish Independent Prosecutor’s Office
The Ministry of Justice and National Integration has decided to establish an Independent
Prosecutor’s Office as stated in the election manifesto of the National People’s Power (NPP).
An expert committee will prepare the concept paper on the establishment of the Independent
Prosecutor’s Office, following which the Ministry will initiate public and civil consultations.
Link: https://tinyurl.com/3sv9bjep

📰 Norochcholai Power Plant to resume operations on February 14
The Norochcholai Power Plant will be back in operation by 14 February, and the power supply
will return to normalcy, Ceylon Electricity Board (CEB) media spokesman Dhammika
Wimalaratne stated.
Link: https://tinyurl.com/yp47nvdn

📰 Sri Lanka High Commission in London supports Sri Lankan SMEs in the UK
The Sri Lanka High Commission in London, in collaboration with NLC Consultants-UK, hosted the
“Sri Lanka Business Promotion Dialogue” on 31 January, as part of a new initiative to support
Sri Lankan startup SMEs in the UK.
Link: https://tinyurl.com/yfv5a2at

📰 Sri Lanka appoints task force for AML/CFT evaluation
Sri Lanka has reconstituted a high-level task force to oversee the country’s preparations for its
third Mutual Evaluation on Anti-Money Laundering and Countering the Financing of Terrorism
(AML/CFT), coordinated by the Asia Pacific Group on Money Laundering (APG). The evaluation
will assess Sri Lanka’s compliance with the Financial Action Task Force’s (FATF) 40
recommendations, and the effective implementation of 11 immediate outcomes.
Link: https://tinyurl.com/nhkv6664

!? What you need to know
📰 MAS named Exporter of the Year at 26th Annual Presidential Export Awards
MAS Holdings has been honored with multiple top accolades, including the prestigious Exporter
of the Year award, at the 26th Presidential Export Awards for the year 2023/24. The event,
held under the patronage of President Anura Kumara Dissanayake, took place on 07 February
at the BMICH, Colombo.
Link: https://tinyurl.com/22fwdnaw

📰 US tariffs to reportedly have beneficial impact on Sri Lanka apparel industry
As global buyers reassess supply chains, Sri Lanka stands to gain from new U.S. tariffs on other
nations. Suren Fernando, CEO of MAS Holdings, noted the company is receiving inquiries from
U.S. buyers considering shifting some of their procurement to Sri Lanka.
Link: https://tinyurl.com/muprncuu

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