According to the annual report of the Central Bank of Sri Lanka, loans granted by commercial banks in the country to the apparel industry by the end of 2022 stands at Rs. 293,800 million.

However, several leading apparel manufacturers have already exited the country and many others are on the verge of closure due to the crippling debt burden.

According to media reports, nearly 50,000 persons in the industry lost their jobs after the apparel export income collapsed in the first quarter of 2023.