By The Joint Apparel Association Forum On March 20th 2023, the International Monetary Fund’s (IMF) Executive Board approved a four-year Extended Fund Facility (EFF) arrangement for Sri Lanka amounting to USD 2.9 billion. This was post the agreements with China and India – Sri Lanka’s biggest lenders for additional financial assistance and the first steps.
International apparel firms are doubling down on their investments in Sri Lanka and are expanding their production capacities, sending positive signals even in the midst of a historic economic meltdown. An internationally reputed producer of accessories for the global lingerie industry – Prym Group is a company with a rich legacy of close to 500.