News
CB Governor stresses on need to stay the course
By Rathindra Kuruwita
Governor of the Central Bank Dr. Nandalal Weerasinghe has said the government to be formed should also carry out the reforms that are in line with IMF recommendations.
“The two previous governments discussed with the IMF and wanted to carry out some reforms. If someone tries to divert from the path, the country will get into a deeper mess,” Dr. Weerasinghe said.
The Governor said that the next government must also carry out the reforms and guide the country out of the current economic crisis. He said it was not the time for experiments.
“People should also realise the situation the country was in. A new government could not resolve the economic crisis within a month.The people must be told what the real situation is and what needs to be done. There must be a consensus,” he said.
Dr. Weerasinghe said that given the current forex crisis it would be difficult to purchase adequate amounts of fuel, gas, and medicine.
“We need to manage our expenditure and I think we can maintain some sort of stability. If we keep on importing like this, we won’t have money to buy fuel and other essentials. I also hope that India will keep on helping us. If we get a large forex inflow, things will improve,” he said.
The CBSL Governor said that the continuation of the current political instability will prolong the economic crisis.
“We need to stabilise the macro economy with the help of the IMF. We need to restructure the debt. We need to have a finance minister and a Cabinet to take important decisions regarding these two. When we were talking to IMF, the government changed in May. Now it has changed again. The more this continues, the lengthier the economic crisis will be,” he said.
The CBSL Governor said that they were trying to ensure that there would be no hyperinflation. Inflation would reach 70% in the coming few months and that they have increased interest rates to control inflation.He said that increasing interest rates was the most powerful tool that the Central Bank had to control inflation, but reducing inflation was not something Central Bank could tackle alone.
“We can control the inflation that is created by demand. Right now, the inflation is also created by the high fuel prices, the rapid depreciation of the rupee, gas and fuel shortages. These are the main reasons for shortages. If the electricity bill goes up, inflation will be 70%. This can’t be controlled by interest rates again,” he said.
“If we go into hyperinflation the situation will be much harder than the one, we faced due to dollar shortages. If we go into hyperinflation, no business will be able to continue. We have seen what happens when countries go into hyperinflation. Its chaos and pain,” he said.
Thus, the main task of the Central Bank is to stop hyperinflation. As inflation increases it is mainly the poor, pensioners, and those with fixed incomes that will be most affected, he said.
“Hyperinflation will be bad for everyone. However, it will be worse for the categories I mentioned above. If that happens, there will be serious social issues too as people are laid off,” he said.
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
