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Cabraal tells Sajith not to confuse loans with grants
By Saman Indrajith
State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal yesterday urged Opposition Leader Sajith Premadasa to understand that there was a difference between loans and grants.
Minister Cabraal told Opposition Leader Premadasa: “Make no mistake. Grants and loans are two different things. There are some who think that when a loan is a favour to us in the same way as a grant. It is not so.”
“Opposition Leader asks whether we would reject Asian Development Bank grants to upgrade the Kelani Valley railway. First, he should learn that the ADB does not give grants, it gives loans. Even if we reject the ADB loan, we have decided to continue with the project because the country needs it. These are our country’s projects; we do them for the sake of the country. They will be completed whether we receive loans or not. This is our responsibility as a government we complete these projects.”
Minister Cabraal said so responding to a series of questions raised by Opposition Leader Premadasa who said that the government had stopped the Light Rail Transit (LRT) project funded by Japan International Cooperation Agency (JICA) and that would be inimical to Lanka-Japan relations.
Minister Cabraal said that the LRT project was to be carried out with a loan from JICA to be settled in 52 years with a 12-year grace period under 0.1% interest. “The Opposition leader should understand that the stipulated period of 52 years is too risky for this country since we would not know the rate of the Japanese Yen in 52 years. A Japanese Yen was two cents then. Now it is Rs. 1.80. Making calculations on the basis of 0.1 percent interest rate does not give the complete picture.
“The Opposition Leader accuses the government of arbitrarily suspending the LRT project. Where was he when his government stopped the Port City project resulting in paying additional 125 million US dollars and adding several more acres to the project due to their ill-conceived action. They suspended a project by SriLankan airlines and had to pay USD 110 million as compensation.”
Minister Cabraal said that the Cabinet had decided on Sept 28. to obtain an ADB loan for the Kelani Valley project because accumulation of foreign loans would not be favourable to the national economy. “At the time they assumed office the amount of loans was 72 percent of the GDP and by the time they left office it had been increased up to 87 percent of the GDP. Foreign loans increased during their time. It is not healthy to the economy to add up more foreign loans. So, we had to suspend some projects they commenced under foreign loans to manage the economy.
“In managing an economy you should understand priorities. The LRT project was planned on a loan of USD 2,300 million. The Kelani Valley project was to be carried out with a loan of USD 1,400 million. If we had gone ahead with those projects, the country would have suffered a loss. Those two projects are centered on the Colombo city. That means their benefit is not directly felt by the low and middle income receiving population in other provinces.”
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
