News
Central Bank treading a thin line on continuation of moratoriums
By Sanath Nanayakkare
The Central Bank of Sri Lanka is not in a position to put pressure on commercial banks to offer moratoriums continuously as there was another side to the loan repayment saga, the bank’s Deputy Governor Ms.Yvette Fernando said yesterday.
“I appeal to the borrowers who can pay, to pay their loans for their own best interests. And those whose income generation has been truly affected due to the ongoing pandemic would hear an announcement from the Central Bank in the coming weeks for a different arrangement, Fernando told the media at an online forum subsequent to the CBSL Monetary Board’s monthly monetary policy review meet.
The Deputy Governor added: “I think we have been in moratoriums for about one year. We need to always remember that moratoriums have also the other side of it. When it comes to financial institutions, they have a continuous obligation to make payments to their depositors. So even as the Monetary Board and the Central Bank, we are not in a position to tell the banks continuously to continue these moratoriums. However, considering the situation, Tourism and Passenger Transport sectors are still in moratoriums with some adjustments until September. But based on the more recent situation we are going through – we have already started discussions with the banks and the Finance House Association to see how best or what kind of facilitation we can give these borrowers because we understand that there can be payment delays because of the culture of certain businesses and as a result their income generating avenues have been disturbed.
“And by all means, any bank will definitely be in a favourable way because banks also want their investments or the loans to be paid on time or avoid complete defaults. The discussions we have had with the banks in this regard have been favorable, but we are not at this point looking at a complete moratorium because I think we cannot do this when we carefully consider the point of view of the banks and finance companies also. We have to understand the fact that these banking and non-banking sector companies are operating at different levels and so they don’t have the same capacity to go through these kinds of moratoriums continuously. So we have to address that.
‘These discussions are ongoing and most probably very soon we will be able to announce something that will help the really affected borrowers also. I kindly would like to say that anybody who can pay or in a position to pay their loans should continue to do so because it is in their best interests to do so. Your delaying the payment of a loan means; there’s going to be some additions to it, so it’s in your best interests to pay while you can. But for those who are really affected, we are in the process of looking at it and we will make some announcement.
‘But broadly speaking, we are taking the position that it is the bank and the borrower who could practically agree on a suitable arrangement. One year into moratoriums, the financial institutions also know about the nature of their customers and what kind of disturbance they encountered on the ground. With that knowledge, we are looking to issue instructions to the banks in this regard.’
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
