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5,000 workers lose jobs over apparel factory closure!

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About 5,000 employees have lost employment opportunities due to the temporary closure of nearly 10 garment factories in the past few months.

Three factories of a major clothing company, two factories each of two similar companies and factories of three other companies have been temporarily closed in Koggala, Meepe, Matale, Waturagama and Anuradhapura.

It was reported that some employees have been paid compensation while some organizations that temporarily closed their operations have given leave to the employees along with the basic salary.

Nearly 300,000 people work in 135 factories in 15 investment zones under the Board of Investment and 326 other registered factories.

Also, about 900,000 people depend on indirect income ways generated from these factories.

When questioned about the situation, Yohan Leverance, Chairman of the Garment Factory Owners’ Forum, said that this situation has arisen due to the decrease in demand from the main buyers of clothing, the USA and the European Union.

He said that the current orders are enough for another two to three months and expressed confidence that the situation will improve after September.

He said that this is not a situation that has affected only Sri Lanka, but the garment factories of countries like Bangladesh, Vietnam, Cambodia and China have also been severely affected.

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IMF grants waivers despite obligation breach & erred reporting

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The Executive Board of the International Monetary Fund (IMF) reviewed non complying purchases made by Sri Lanka under the 2023 Extended Arrangement under the Extended Fund Facility (EFF) as well as inaccuracies of information reported to the IMF.

However, the IMF has decided to grant waivers and not pursue further action, citing corrective measures and a commitment to reform by Sri Lankan authorities.

Following the Executive Board’s discussion, Deputy Managing Director and Acting Chair – Mr. Kenji Okamura, has issued the following statement:

“The Executive Board of the International Monetary Fund (IMF) reviewed non complying purchases made by Sri Lanka under the 2023 Extended Arrangement under the Extended Fund Facility (“EFF”), as well as a breach of obligations under Article VIII, Section 5. The noncomplying purchases arose as a result of the provision of inaccurate information by the authorities on the stock of expenditure arrears at the first, second, and third reviews under the EFF.

“The inaccuracies in information provided to the IMF were inadvertent and arose because of weaknesses in the timely reporting of arrears by line ministries to the Ministry of Finance, as well as a misunderstanding by the authorities of the definition of “arrears” under the Technical Memorandum of Understanding. 

“The Executive Board positively considered the authorities’ corrective actions, the fact that arrears repayments will be accommodated within the existing fiscal envelope, and the authorities’ commitment to improving public financial management procedures in line with the new PFM law, to reduce the risk of accruing arrears or inaccurate reporting of information going forward. In view of the above, the Executive Board agreed to grant waivers for the nonobservances of the quantitative performance criterion that gave rise to the noncomplying purchases and decided not to require further action in connection with the breach of obligations under Article VIII, Section 5.”

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Abdul Wazeeth appointed to Parliament from SLMC national list

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Abdul Wazeeth of the Sri Lanka Muslim Congress (SLMC) has been appointed as a Member of Parliament, the National Election Commission has announced.

His appointment comes following the resignation of former MP M. S. Naleem, who had entered Parliament through the SLMC National List after the 2024 parliamentary election.

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Tense situation in Kahawatta as residents clash with police

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Police had been compelled to use tear gas to control a tense situation that erupted between residents and police in Kahawatta following the funeral of a youth who was shot dead recently.

The funeral was held today (July 03) and the clash had broken out shortly afterwards.

Residents had expressed anger over the handling of the and had hurled stones at the police, reports say.

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