JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL)

💰 The Economy
📰 Total export earnings for July exceeds USD 1 billion
Sri Lanka’s merchandise export earnings exceeded USD 1 billion in July, whilst propelling the total value of exports during the first seven months of the year to over USD 9 billion.
Link: https://tinyurl.com/tydxns5b

📰 Hambantota International Port (HIP) records strategic growth with 40 percent increase in volumes
Hambantota International Port (HIP) has seen a significant 40 percent increase in volumes in 2024 to date, with the Commercial and Marketing division projecting growth to reach 50 percent by year end.
Link: https://tinyurl.com/2s3pen4m

The Government and the International Monetary Fund (IMF) agree to revise the Pay As You Earn (PAYE) tax President Ranil Wickremesinghe announced that the Government has reached an agreement with the International Monetary Fund (IMF) to revise the PAYE tax.

Link: https://tinyurl.com/55d49buc

⚖ Politics & Policy
📰 Revision on water tariffs announced with gazette notification
A special gazette announcement was issued announcing the water tariffs reduction, effective from 21 August.
Link: https://tinyurl.com/2dkyjfjk

📰 Trade groups urge industrial water tariff cuts
A coalition of Sri Lankan trade associations, including the JAAF is calling on authorities to lower water tariffs for industrial users, emphasizing the need for a cost-reflective pricing formula to alleviate financial pressure on local industries.
Link: https://tinyurl.com/2x3hsw5x

📰 *Election Commission Chairman invites European Union (EU) representatives to observe 2024 election *
The Chairman of the Elections Commission has invited the EU to send a group of representatives for observation of the Presidential election in 2024.
Link: https://tinyurl.com/yxwke7k5

President Ranil Wickremesinghe launches election manifesto
The President officially launched his election manifesto titled ‘Five Years of Winning the Country with Ranil’ on 29 August at Colombo.
Link: https://tinyurl.com/bdesm25y

📰 Government increases fertilizer subsidy to small paddy farmers ahead of polls
Sri Lanka’s Cabinet has approved an increase in the fertilizer subsidy for small paddy farmers to LKR 25,000 per acre, up from the previously planned LKR 15,000.
Link: https://tinyurl.com/ywcc2dea

📰 Cabinet approves borrowing of USD 200 million from World Bank
The Cabinet has approved a USD 200 million development policy loan from the World Bank, tied to reforms under the International Monetary Fund (IMF) programme.
Link: https://tinyurl.com/bdfewwaw

📰 Cabinet approves agreement between Export Development Board (EDB) and International Finance Corporation (IFC)
The Cabinet has approved the President’s proposal to sign a cooperation agreement between the EDB and the IFC aimed at transforming small and medium entrepreneurs with export potential into exporters.
Link: https://tinyurl.com/483e6bnz

President inaugurates Sri Lanka’s first natural gas power plant, ‘Sobadhanavi’
President Ranil Wickremesinghe inaugrated the initial phase of Sri Lanka’s first natural gas power plant, the Kerawalapitiya “Sobadhanavi ” Combined Cycle Power Plant, on 28 August.
Link: https://tinyurl.com/39fj3xpf

📰 Cabinet greenlights implementation of national strategy on Artificial Intelligence (AI)
The Cabinet has approved President Ranil Wickremesinghe’s proposal to implement the national strategy on artificial intelligence, to position Sri Lanka as a regional AI hub and enhance the country’s economic resilience by 2030.
Link: https://tinyurl.com/s66r36bm

⁉ What you need to know
📰 July apparel export earnings up by 3.3 percent Year over Year (YoY)
According to provisional data, apparel sector export earnings grew by 3.29 percent YoY in July 2024, reaching USD 414 million. This reflects an improvement in order books compared to the same period last year.
Link: https://tinyurl.com/4m9r9bb5

📰 Dialog and MAS foster workplace inclusivity with Enabler Programme 2024
MAS Holdings and Dialog Axiata PLC recently celebrated the successful conclusion of the 2024 Dialog MAS Enabler Programme, reinforcing their commitment to inclusivity and empowering individuals with disabilities.
Link: https://tinyurl.com/4kh4p77z

Hayleys Fabric becomes first Sri Lankan company featured in ‘Global Organic Textile Standard’ case study
Hayleys Fabric PLC is currently featured as a case study on the Global Organic Textile Standard (GOTS) website, as part of a select group of global businesses.
Link: https://tinyurl.com/4u7xz2px

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