News
JVP predicts crash of economy imminent, due to mismanagement
By Saman Indrajith
The 2020 Central Bank annual report presented to Parliament last week is a testimony to the fact that the country’s economy is in dire straits, says the JVP.
Addressing the media at the party headquarters in Pelawatte yesterday, JVP Politburo member and former MP Sunil Handunnetti alleged that the government was using the funds meant for the development of the country for its projects to cling on to power. “The Central Bank report confirms many warnings we have been issuing in the recent past. The country’s economy is sliding into a recession and there would be a crash soon. The economy recorded a growth of -1.6% during the first quarter of 2020. That was before the onset of the pandemic. The situation worsened in the second quarter. The government is citing the pandemic as the reason for the sharp economic downturn.
“The impact of the pandemic on the economy is evident, but what we are experiencing is mainly due to the economic mismanagement. There are five main crises in our economy. The first is the loan crisis. The revenue received by the Treasury is not sufficient even to pay the installments of loans taken. To pay-back the due installments the country needs to borrow an additional 135 billion rupees. The total outstanding loans as at 2019 was Rs 14,115 billion. That increased to Rs 16,427 billion in 2020. The government has to pay 6.9 billion US dollars as loan repayments. The second is the import-export crisis.
“The government came into power promising to improve the production industry and bring down imports. We have sea areas, which eight times the country’s land masse, but we imported fish worth Rs 34,650 million in 2020. In 2010, we produced 27 percent of the onion requirement in this country; now it has dropped to eight per cent so that we have to import 92 per cent of the country’s onion requirement. We have imported Rs 27,610 million worth of salt, milk and milk products worth Rs 61,930 million. The third crisis is the weak government revenue. In 2016 the government income was around 23 per cent of the GDP. As at 2014 the figure dropped to 11.5 per cent. Now it’s at 9.1 percent.
“The fourth crisis is the collapse of the industrial sector due to the high cost of raw materials, failure to combine technological support with the industrial process and inability to create a proper market for industrial output. The fifth crisis is the inequitable distribution of national wealth.”
Of the total population, the top 10 percent of rich enjoy 38.4% of national income while 10 per cent at the bottom receive only 1.1 per cent of the national income. There is a huge tax burden on the people. This government promised to maintain 40 percent direct taxes and 60 percent indirect taxes. Yet now the indirect taxes are around 80 percent. Sri Lanka is the only country in the world with this much taxes on food consumed by the people. Even in India it’s 49 per cent, in Indonesia its 50 percent and in Thailand it is at 40 percent.”
JVP Central Committee Members Wasantha Samarasinghe and Nalin Hewage also addressed the press.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
