JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL)

💰 The Economy
📰 Sri Lanka’s economy boosted by USD 566.8 million in July remittances
In July 2024, Sri Lanka received USD 566.8 million in foreign currency from migrant workers,
contributing to a total of USD 3.71 billion in remittances for the first seven months of the year.
Link: https://tinyurl.com/5n7sf3sd

📰 Sri Lanka secures USD 24.5 million grant from US Agency for International Development (USAID)
USAID has announced the allocation of USD 24.5 million (LKR 7.2 billion) to bolster marketdriven growth and promote good governance practices in Sri Lanka.
Link: https://tinyurl.com/3ruhtjar

📰 Gross official reserves exceed USD 5.6 billion
The gross official reserves were provisionally estimated at USD 5,649 million as at end July
2024, the Weekly Economic Indicators report released by the Central Bank of Sri Lanka (CBSL)
states.
Link: https://tinyurl.com/yc3cntfm

📰 Sri Lanka records over 1.2 million tourist arrivals from January to 11 August
Sri Lanka welcomed 1,271,432 tourists from January to 11 August, including 73,373 arrivals in
the first 11 days of August, signaling another productive month.
Link: https://tinyurl.com/5n6vhtv3

⚖ Politics & Policy
📰 Speaker endorses certificate on Economic Transformation Bill
Parliament Speaker Mahinda Yapa Abeywardana has officially endorsed the certificate for the
‘Economic Transformation Bill’, a statement by the Parliamentary Communications Department
said.
Link: https://tinyurl.com/2wvs38xy

📰 Government to ease rules on repatriation of export earnings
The government has decided to relax the rules on repatriation of export earnings, following
requests from exporters, their representatives, and government agencies. The proposal,
presented by President Ranil Wickremesinghe, was approved by the Cabinet of Ministers on 12th
August.
Link: https://tinyurl.com/52hs3y5a

Cabinet approves ratification of Sri Lanka- Thailand Free Trade Agreement (FTA)
The Cabinet of Ministers has approved the proposal presented by the President in his capacity
as Minister of Finance, Economic Stabilization and National Policy to ratify the Sri LankaThailand FTA.
Link: https://tinyurl.com/3evat72h

Government proposes International Monetary Fund (IMF) to adjust Personal Income Tax slabs
The Government has proposed to the IMF an adjustment in Personal Income Tax slabs from LKR
500,000 to LKR 720,000, aiming to provide relief to mid-level taxpayers affected by the recent
tax reforms, the President’s Media Division (PMD) said.
Link: https://tinyurl.com/4ujzchfh

Minimum daily wage for estate workers increased to LKR 1,700
The Government issued a gazette notification announcing a minimum wage of LKR 1,700 for
workers in the rubber and tea industries.
Link: https://tinyurl.com/muy3fuzs

📰 Government plans to introduce Provincial Economic Development Boards
President Ranil Wickremesinghe announced plans to establish Provincial Economic Development
Boards to decentralize economic authority across provinces. Additionally, Kandy is set to be
transformed into a major economic hub, with implementation starting next year.
Link: https://tinyurl.com/hmzdv3x2

📰 Financial Intelligence Unit (FIU) of Sri Lanka enters a Memorandum of Understanding (MoU) with the Registrar General’s Department
The FIU of Sri Lanka signed an MOU with the Registrar General’s Department at the CBSL, to
facilitate the exchange of information on trusts, property registrations, and any suspicious
activities related to money laundering, terrorist financing, and related crimes.
Link: https://tinyurl.com/bderarcx

📰 Sri Lanka and Egypt discuss economic cooperation and Gaza crisis
Egypt’s Minister of Foreign Affairs, Badr Abdelatty, and his Sri Lankan counterpart, Ali Sabry,
discussed enhancing trade and investment relations between the two countries, including
recent developments in the Gaza conflict, during a recent meeting in Cairo.
Link: https://tinyurl.com/bdh3w2wu

📰 Water tariff cut to be introduced to support low-income households
A formula was introduced to reduce the water tariff for low-income families by 10 percent in
the future, Cabinet spokesman and Minister Bandula Gunawardana stated.
Link: https://tinyurl.com/6565wdnx

📰 Election Commission announces dates for postal voting
The Election Commission has announced that postal voting will take place on 4th, 5th, and 6th
September, with 11th and 12th September set aside as additional dates for those unable to
vote earlier.
Link: https://tinyurl.com/4bmsv265

📰 Rooftop solar panel project for railway stations gets Cabinet approval
Cabinet approval has been granted to implement the project to initiate the generation of
electricity via rooftop solar panels at railway stations as a public-private partnership project.
Link: https://tinyurl.com/a3eu9u62

📰 Starlink licenced to operate in Sri Lanka from 12 August
The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has officially granted a
Telecommunications Service Provider Licence to Starlink Lanka (Private) Limited under Section
17B of the Sri Lanka Telecommunications Act No. 25 of 1991, as amended, effective from 12th
August.
Link: https://tinyurl.com/53yaeewp

📰 Commonwealth Enterprise and Investment Council (CWEIC) set up base in Sri Lanka
The CWEIC announced the establishment of its Sri Lanka center, which marks a key milestone
in the Commonwealth’s efforts to promote trade and investment in Sri Lanka.
Link: https://tinyurl.com/55rrv7tt

📰 Government employees to benefit from significant salary increment
Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana announced that the
minimum initial monthly salary of the Government service will increase from a minimum
percentage of 24 percent.
Link: https://tinyurl.com/2fupv2ra

📰 Deadline for Presidential Election cash deposits end on 14 August
The window for placing cash deposits for the upcoming presidential election closed on 14
August, with 40 candidates having made their deposits.
Link: https://tinyurl.com/374x859e

📰 Advocata calls for urgent reforms to address inefficiencies plaguing Sri Lanka’s State Owned Enterproses (SOEs)
The Advocata Institute launched its latest report, “Getting the State Out of Business: The
Compelling Case for Privatisation of State-Owned Businesses,” which featured a high-profile
panel discussion, calling for urgent reforms to address the inefficiencies plaguing Sri Lanka’s
state-owned enterprises (SOEs).
Link: https://tinyurl.com/5n8jmzjd

📰 The Free Trade Zone Manufacturers’ Association (FTZMA) urges Government to expedite Asian Development Bank (ADB) funded container yard
The FTZMA has called on the Government to fast-track the implementation of the proposed
container-clearing yard in Kerawalapitiya, funded by the ADB, to alleviate the persistent cargo
delays at the Colombo Port.
Link: https://tinyurl.com/yckfxur9

⁉ What you need to know
📰 Buyers likely to redirect apparel orders to Sri Lanka amid Bangladesh instability
The Joint Apparel Association Forum (JAAF) has stated that as Bangladesh, a major player in
the global apparel market, faces a significant crisis, Sri Lanka is poised to benefit from an
increase in apparel orders in the near future.
Link: https://tinyurl.com/2tr7ymjx

📰 Star Garments wins Gold at SLITAD People Development Awards
Star Garments Group secured the prestigious Gold award at the 2023/24 SLITAD People
Development Awards in honour of its exemplary human capital practices and leadership in Sri
Lanka’s apparel industry.
Link: https://tinyurl.com/2jp2u3zh

Teejay leverages its global expertise to hold the first-ever Sustainability Summit for the textile industry
The Teejay Group, Sri Lanka’s pioneering multinational textile manufacturer hosted its
inaugural Sustainability Summit on 13th August in Colombo. This event marked a significant
milestone as the first-ever sustainability summit in Sri Lanka’s textile industry.
Link: https://tinyurl.com/3v2dj4wk

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