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Ranil insists on getting IMF help to get out of current economic mess
UNP Leader and former Prime Minister Ranil Wickremesinghe has said that the International Monetary Fund (IMF) had never asked Sri Lakan governments to downsize the public service.
Speaking at a meeting of the Rotary Club of Colombo West last week as the Guest Speaker, Wickremesinghe said Sri Lanka should seek IMF assistance to overcome the current economic crisis, and many countries had been compelled to tighten their belts.
When a participant asked what conditions the IMF might impose on Sri Lanka other than retrenchment in return for assistance, the former Premier said that the IMF had never asked Sri Lankan governments to reduce the number of public workers.
“They may tell the government not to increase the workforce; they told us so in 2001. The bigger problem is making public service efficient and restructuring the economy.
“The current crisis is leading to the unravelling of our economy, our social system, and most probably, the unravelling of our political system. Economically, we have not seen such a situation since 1988/1989, when we had the LTTE on one hand and the JVP and the IPKF on the other. The economy really took a beating, but that is nothing compared to what we are going through today.”
“Firstly, there has been a decline in our foreign exchange reserves. Our overall situation is bad because the banks don’t carry their own reserves. Secondly, there’s a decline in government revenue, and the total debt has risen. By 2020, it hit 101% of our GDP, which has never happened before. We always try to keep it at 85% and then try to bring it down.”
“Due the revenue shortfall, we have resorted to money printing. In 2020, the increase in money supply was 23%. So, what have we got? Money is being printed while foreign exchange reserves are dwindling and as a result the dollar appreciates; the USD was Rs. 181 in 2019 November and it has reached about Rs 250. You have the government’s exchange rate, or the bank rate and the ‘Pettah’ rate.”
“What is the result? As the economy contracts fast, the impact is being felt by the working-class, low-income people, Samurdhi recipients and others. I think, before the end of the year, there will be a time when we have to stick to one meal instead of three.
“We are also finding that part of the middle class is slipping down to the lower-income category. That is the second issue. Unemployment and inflation are on the rise. Another issue is that there’s going to be a shortage of food by about March. In contrast, there are still enterprises which make good profits.
“So, how do we resolve this? Some people feel that this will be resolved when the global economy recovers from COVID-19. We hit rock bottom in 77 and 89 and 2001, and in 2015 while the global economy was doing well. So, we could always go to them and get some spare cash. We went along to the IMF, and they provided us funding. But there were always allies around, we ensured that every country was our friend. This time it’s different.
“According to the IMF, in the first quarter of 2022 there will be a slowing down of growth. That is due to ‘Omicron’. But thereafter, because the US and China are slowing down, the rate of growth globally will slow down. The global economy will lose up to 13 trillion dollars by 2024 and global debt – that is the official debt – will be 256% of the global GDP.”
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
