News
Advisory Committee’s proposals to Prez:
Question mark over Monetary Board’s role
By Shamindra Ferdinando
Former Governor of Uva, Southern and Central Provinces Rajith Keerthi Tennakoon yesterday (22) asked what the role of the Monetary Board would be in case the National Economic Council (NEC) headed by President Gotabaya Rajapaksa accepted the set of proposals made by an Advisory Committee especially appointed to strengthen government efforts to overcome the deepening financial crisis.
The Monetary Board comprises Governor of the Central Bank Ajith Nivard Cabraal (ex-officio), Treasury Secretary S. R. Attygalle (ex-officio), Sanjeewa Jayawardena, PC, Dr. Mrs. Ranee Jayamaha and Samantha Kumarasinghe.
Jayamaha, an ex-Deputy Governor of CBSL, and Multichemi International Ltd., Chairman Kumarasinghe joined the Monetary Board in late June 2020 whereas Jayawardena received his appointment in Feb 2020.
Tennakoon told The Island that the President’s Media Division (PMD) hadn’t referred to the five-member Monetary Board at all when issuing statements in Sinhala and English that dealt with five proposals meant to address the issues at hand.
The Advisory Committee handed over its proposals to President Rajapaksa on Monday (22).
The civil society activist who recently received appointment as Executive Director, Sri Lanka Human Rights Centre asked whether the proposals had been made without taking into consideration the functions of the Monetary Board. Ad-hoc mechanisms couldn’t be expected to perform the stipulated functions of the Monetary Board, the CBSL and the Treasury, Tennakoon said.
The NEC comprises President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa, Ministers Dr. Bandula Gunawardane, Basil Rajapaksa, Johnston Fernando, Mahindananda Aluthgamage, Dr. Ramesh Pathirana, Governor of the Central Bank Ajith Nivard Cabraal, Secretary to the President Gamini Senarath, Secretary to the Treasury S.R. Attygalle, and Deputy Governor of the Central Bank Dhammika Nanayakkara.
The Advisory Committee comprised H.D. Karunaratne, Prof. Shirantha Heenkenda, Dhammika Perera, Krishan Balendran, Ashroff Omar, Dushni Weerakoon, Dr. Hans Wijesuriya, Vish Govindasamy, S. Renganathan, Ranjit Page, Suresh de Mel, Duminda Hulangamuwa, Sujeewa Mudalige and Prabash Subasinghe.
Tennakoon urged political parties represented in Parliament and those genuinely interested in public wellbeing to take up these issues. The civil society activist said that though two members of the Monetary Board namely Cabraal and Attygalle had been accommodated in the NEC, the apex apparatus had been neglected.
Responding to another query, Tennakoon pointed out that the declaration made by the Chinese Ambassador in Colombo Qi Zhenhong about Sri Lanka making fresh request for USD 1 bn financing facility and USD 1.5 bn buyer’s credit proved again the failure on the part of the government to take the public into confidence. Tennakoon said that according to Ambassador Qi Zhenhong statement in addition to the USD 2.5 bn the government had asked from China, since March 2020 China provided funding amounting to USD 2.8 bn.
Tennakoon said that the Advisory Committee’s proposals for the appointment of a joint Technical Team comprising CBSL and Treasury officials to propose international assistance, appointment of financial and legal advisors, the Technical Team to come out with set of proposals, expert team to advise the Finance Minister and confidence building measures to address supply related issues should be examined taking into consideration perceived shortcomings in existing mechanisms.
Commenting on the forex crisis, Tennakoon said that the NEC and Advisory Committee couldn’t be unaware of how an inordinate delay on the part of the Finance Ministry and the CBSL in taking remedial measures caused the current catastrophe. Who would take the responsibility for delaying the decision on the IMF’s intervention for so long? Tennakoon asked, pointing out that one-time Deputy Governor of the CBSL Dr. W.A. Wijewardena recently declared the current dispensation should have sought the IMF’s intervention in April 2021, during Prof. W. D. Lakshman’s tenure as the Governor.
Tennakoon alleged that the government hadn’t correctly assessed the situation though the national economy was in a precarious stage. The Advisory Committee’s initial proposals failed to address the CBSL and the Finance Ministry not taking a common stand on the issue at hand, Tennakoon said. The two institutions right throughout the crisis pulled in different directions, thereby should be held responsible for the present pathetic state of affairs, 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
