JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL)

💰 The Economy
📰 Trade deficit widens in July amidst surge in imports
Sri Lanka’s trade deficit widened by USD 237 million to USD 604 million in July from a year
earlier, driven by a significant rise in import expenditure, which outpaced growth in export
earnings.
Link: https://tinyurl.com/2hyf4wh7

📰 Land prices for Colombo district rise by 6.9 percent Year-on-Year (YoY)
The Land Valuation Indicator (LVI) for Colombo District rose 6.9 percent YoY in the first half of
2024, driven by increases across all sub-indicators — Residential, Commercial, and
Industrial. Residential and Commercial LVIs each surged by 8.5 percent, while the Industrial LVI
increased by 3.7 percent.
Link: https://tinyurl.com/4t2tkzkc

⚖ Politics & Policy
📰 Postal voting commences for 2024 Presidential Election
Postal voting for the 2024 Presidential election officially launched on 04 September 2024, with
over 700,000 eligible voters set to cast their ballots.
Link: https://tinyurl.com/yshvhemv

📰Regulations pertaining to repatriation of export proceeds presented for Cabinet approval
The Prime Minister and Minister of Public Administration, Home Affairs, Provincial Councils, and
Local Government has proposed for Cabinet approval, the regulations issued under Section 105,
in conjunction with Section 7(1)(c) and Part VI of the Central Bank of Sri Lanka Act, No. 16 of 2023

These regulations concern the repatriation of export proceeds into Sri Lanka and were
published in Gazette Extraordinary No. 2391/02 on July 1, 2024. The proposal was formally
presented for Cabinet approval on 03 September 2024.
Link: https://tinyurl.com/2v2khkzp

📰 Parliament endorses three legislations
The Reciprocal Recognition, Registration and Enforcement of Foreign Judgments Bill, the Code
of Criminal Procedure (Amendment) Bill and the National Minimum Wages of Workers
(Amendment Bill) were approved by Parliament on 03 September 2024.
Link: https://tinyurl.com/btcuf6ba

📰 Burial and Cremation Rights Draft Bill to be presented to Parliament
Cabinet approval has been granted to publish the Burial and Cremation Rights Draft Bill in the
Government Gazette notification and to submit it to the Parliament for approval.
Link: https://tinyurl.com/yw8bd4sx

📰 The Cabinet initiates measures to call for fresh nominations for Local Government elections
The Cabinet of Ministers has approved a proposal to draft legal provisions to annul the previously
submitted nominations for Local Government elections and initiate a call for fresh nominations.
Link: https://tinyurl.com/msy5amas

📰 Public sector salary increment structure for 2025 announced
Effective January 1, 2025, the basic salary for public service employees will increase by at least
24 percent for the lowest ranks, with overall increases ranging from 24 percent to over 50
percent for all public service professionals, according to the President’s Media Division (PMD).
Link: https://tinyurl.com/3d25538r

📰 Government decides to write-off all crop loans of farmers
The Government has announced an immediate cancellation of all crop loans taken by farmers,
following requests from multiple farmer associations, as per a statement by the PMD.
Link: https://tinyurl.com/3ruy4zv2

📰 Cabinet endorses implementation of charter for upcountry plantation community in Sri Lanka
Cabinet approval has been granted for the implementation of the charter for the upcountry
plantation community in Sri Lanka.
Link: https://tinyurl.com/mw7re976

📰 High-speed satellite internet connectivity for in-flight passengers
Cabinet approval has been granted to provide internet connectivity to passengers enabling them
to use Wi-Fi facilities and Global System for Mobile Communication (GSM) services on their
mobile phones while in flight.
Link: https://tinyurl.com/yc3djmd6

📰 Commonwealth to observe Sri Lanka Presidential Elections
A Commonwealth Observer Group (COG), led by former President of Seychelles Danny Faure,
will oversee Sri Lanka’s Presidential Election scheduled for 21 September, 2024.
Link: https://tinyurl.com/4b7mwncd

📰 Cabinet accedes for tax convention with Austria
The Cabinet approved a new tax convention between Sri Lanka and Austria, aimed at preventing
double taxation and mitigating tax evasion.
Link: https://tinyurl.com/2cvhkwr6

⁉ What you need to know
📰 Hela Apparel shifts to six-day work week to meet rising demand
Hela Apparel Holdings has announced a strategic shift to a six-day work week across all its
manufacturing facilities in Sri Lanka from July onwards.
Link: https://tinyurl.com/wkw3y8k2

📰 Chance Fashion Garment recognised as ‘Emerging Brand of the Year’
Chance Fashion Garment has been awarded ‘Emerging Brand of the Year’ at the Iconic Awards
2024, held at BMICH Colombo.
Link: https://tinyurl.com/3cmkhwz8

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