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20% of apparel factories face 3-month closure after December!

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Chairman of the Free Trade Zone Manufacturers’ Association – Mr. Dhammika Fernando says that around 20% of the large-scale garment factories in Sri Lanka has decided to close for a period of one to three months, after the December holidays.

He also adds that around 50% of small and medium scale factories have already been closed.

Mr. Fernando states that the income of investors in the garment industry has fallen by 25% due to increased costs and a fall in orders.

In this backdrop, many local investors are looking into the possibility of investing in other countries, he added.

Some investors have arranged for workers to be compensated and laid off. Around 10% of large scale companies have apparently done so.

Meanwhile, it is also reported that some company owners have asked their employees to stay home while paying them either partially or in full.

Mr. Fernando sys that some factories are only open for 4 days a week, while some are open every other week.

In addition to the above mentioned woes, the inability to secure a suitable price for their products have also affected the income levels, according to industry experts.

Mr. Fernando also mentioned that Sri Lankan garment exporters are unable to compete with other countries cost wise.

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Security enhanced around Krrish Building after fire incidents

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The Ministry of Public Security and Parliamentary Affairs says security measures have been reinforced around the Colombo Fort Krrish Building following two recent fire incidents.

Minister Ananda Wijepala confirmed that nearly 20 police officers have been deployed for the security of the area. 

A report from the Government Analyst regarding the fires is expected soon. 

Fires were reported over the past two days, at the Krrish Building, which is currently under construction. 

A fire erupted on the 24th floor yesterday and was extinguished with the help of six fire trucks. 

A fire broke out on the 35th floor the day before and spread to the 34th floor, prompting a multi-hour firefighting operation.

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Senior DIG Waruna Jayasundara transferred

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Senior DIG Attorney-at-Law Waruna Jayasundara, who served as the Commandant of the Police Special Task Force (STF), along with several other high-ranking police officers, have been transferred.

The transfers include Senior DIGs and DIGs while they have been approved by the National Police Commission. These transfers are scheduled to be implemented from February 12.

Meanwhile, it has been reported that several Officers-in-Charge (OICs) are also scheduled to be transferred.

Following the transfers, the respective OICs will resume their normal duties in their new postings.

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Sri Lanka will have US$ 333 mn IMF financing after Third Review

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IMF Communication Department Director Julie Kozack yesterday said Sri Lanka will have access to about US$ 333 million in financing after the IMF Executive Board approves the Staff Level agreement on the Third Review of Sri Lanka’s EFF programme.

Kozack added that the IMF Executive Board meeting is expected to take place in the coming weeks.

She said that Sri Lanka staff and the Sri Lankan authorities reached a staff-level agreement on the Third Review of Sri Lanka’s EFF programme on November 23.

Speaking at a press conference held at IMF headquarters yesterday IMF Communication Director said that the economy of Sri Lanka has expended by 5.5 per cent in the third and four quarters of 2024.

“Sri Lanka’s ambitious reforms agenda is delivering commendable outcome and international reserves have increased to US$ 6 billion at the end of last year,” she said.

(dailynews.lk)

(This story, originally published by dailynews.lk has not been edited by SLM staff)

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