💰 The Economy
📰 Sri Lanka secures staff-level IMF agreement on fourth review of bailout
The International Monetary Fund (IMF) announced that Sri Lanka has reached a staff-level
agreement with the Fund on the fourth review of its Extended Fund Facility (EFF) programme.
Upon approval by the IMF Executive Board, Sri Lanka will gain access to approximately USD 344
million in financial assistance, according to the official statement.
Link: https://tinyurl.com/46tamvpt

📰 EU expresses positive outlook on GSP+ review during meeting with President Dissanayake
The Head of South Asia Division, European External Action Service of the European Union (EU),
Charles Whiteley stated that the European Union has a favorable perspective on Sri Lanka’s
current GSP+ review process. He made these remarks during a meeting held on 30 April at the
Presidential Secretariat with President Anura Kumara Dissanayake, as part of an official visit by
an EU delegation to Sri Lanka.
Link: https://tinyurl.com/5744svmc

📰 Industrial Production Index rises 6.3 percent in February 2025
The Index of Industrial Production (IIP) recorded 93.5 index points in February 2025,
representing a 6.3 percent increase compared to the same period in 2024. The data indicates
a continued recovery in industrial activity following the stabilization of the country’s economic
conditions.
Link: https://tinyurl.com/2kec687c

⚖ Politics & Policy
📰 Sri Lanka moves to introduce new legal framework for SOE management
The Cabinet of Ministers has granted its policy approval for the State-Owned Enterprises (SOEs)
Management Draft Bill prepared in order to introduce a new legal framework for the proper
management, and maintenance of State-Owned Enterprises.
Link: https://tinyurl.com/23tbms4w

📰 Cabinet agrees to conduct Economic Census under two phases
The Cabinet of Ministers has granted approval to conduct an Economic Census in two stages.
Accordingly, the Department of Census and Statistics plans to conduct an economic census in
2025 and 2026 to update the data collected in the previous census, ensuring that agricultural
and non-agricultural activities are addressed separately in two stages.
Link: https://tinyurl.com/2zzahcdk

📰 Sri Lanka and Pakistan hold talks on defence collaboration
The fifth annual Sri Lanka-Pakistan Bilateral Defence Dialogue commenced on 28 April in
Islamabad, Pakistan, marking a continued commitment to strengthening defence cooperation
between Sri Lanka and Pakistan. A high-level discussion has taken place between the two
nations aimed at enhancing bilateral cooperation, fostering mutual understanding on regional
security dynamics, and exploring opportunities for defence collaboration.
Link: https://tinyurl.com/3cxtzarn

📰 President Anura Kumara Dissanayake to sign several agreements on visit to Vietnam
President Anura Kumara Dissanayake will be on a visit to Vietmam from May 3 to 6, during which
several bilateral trade agreements will be signed, Cabinet Spokesman, Minister Nalinda
Jayatissa stated.
Link: https://tinyurl.com/2rb9s65s

!? What you need to know
📰 Sri Lanka apparel exporters seek parity with competitors in US tariff talks
The Joint Apparel Association Forum (JAAF) of Sri Lanka has urged the Government to ensure
parity with other apparel-manufacturing nations in its negotiations with the US, as the country
works to mitigate a 44 percent tariff imposed during the Trump administration. In a statement,
JAAF expressed appreciation for the Government’s commitment to addressing key trade
barriers, and pursuing measures that protect market access and enhance the competitiveness
of Sri Lankan exports.
Link: https://tinyurl.com/296vfv3x

📰 Sri Lanka’s apparel and textile sector advances sustainability with SBTi alignment
Leading Sri Lankan textile, apparel, and manufacturing companies are advancing sustainability
by aligning with the Science-Based Targets initiative (SBTi). Organizations across the sector—
including Brandix, Hirdaramani, Hayleys Fabrics, and MAS, as well as emerging firms such as
InQube, Hela Clothing, and SolTrim—are setting measurable targets to reduce greenhouse gas
emissions across their operations and supply chains.
Link: https://tinyurl.com/3uw32z2d

📰 Brandix feted at ‘ACCA Sustainability Reporting Awards’
Brandix, a leading apparel solutions provider in Sri Lanka, was awarded the top honor in the
Manufacturing Category at the ACCA Sustainability Reporting Awards 2024. The company’s ESG
Report outlined its initiatives to minimize environmental impact, manage resources
responsibly, uphold ethical and socially responsible practices, and maintain strong governance
standards. Brandix excelled under ACCA’s evaluation criteria, which included Completeness,
Credibility, and Communication.
Link: https://tinyurl.com/3ra4f5nj

📰 Polestar Lanka Garments invests USD 5.08 million in Sri Lanka, to create 679 jobs
Polestar (Lanka) Garments Ltd, a subsidiary of China’s Lianfa Group, has signed an agreement
with the Board of Investment (BOI) to invest USD 5.08 million in a new export-oriented apparel
manufacturing facility. Lianfa, a publicly listed company with a USD 1 billion turnover and 60
years of textile industry experience, will establish the plant to produce apparel for
international markets. The project is expected to generate 679 employment opportunities in
Sri Lanka.
Link: https://tinyurl.com/5cu6vm76

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