News
Chinese loans: Debt restructuring to commence in earnest after 20th National Congress of CPC
‘Previous govt. printed money excessively’
By Saman Indrajith
The government would start discussions on debt restructuring with China in earnest after the 20th National Congress of the Chinese Communist Party that starts on 16 October, President Ranil Wickremesinghe said yesterday in Parliament.The President added that preliminary discussions with China had already begun. “Japan has agreed to help us negotiate with China. This is a very positive development. China has helped us in times of difficulty in the past. We believe that they will help us in this time of need as well,” he said.
President Wickremesinghe said the government was also holding discussions with India. He had the opportunity to explain the current Sri Lankan situation to Prime Minister Narendra Modi recently.
“Prime Minister Modi has always supported us. During the recent crisis, they helped us greatly. India will help us during the coming revitalisation process,” President Wickremesinghe said.The President said that he had met a large number of Finance Ministers while he was in Manila at the ADB conference. Given that Finance Ministers play a big role in allocating assistance and restructuring debt, it had been a great opportunity to state the case for Sri Lanka, he said.
“We expect to come to a common agreement with our creditors including Japan, India and China.
“Once we reach an agreement with bilateral creditors, we will hold discussions with the London Club, an informal group of private creditors on the international stage. We also wish to come to an agreement o debt restructuring. Once we come to an agreement with bilateral and private creditors, we can get an IMF facility.”
Wickremesinghe said that the ADB had already pledged 500 million dollars to Sri Lanka and once the agreement with the IMF is signed, Sri Lanka could secure bridging finance.
“Given our situation, we can’t obtain commercial loans from the World bank or other lending agencies. Joining hands with the Global Development Conference, we have asked for an opportunity to obtain concessional financial aid,” he said.
The President added that the government was trying to boost tourism, which could bring in much needed remittances in the short term. He added that in the past two years, the previous government hsf printed too much money.
“The previous government printed 13 times more than the 2015-19 government did. However, production did not increase. This was a recipe for inflation. Because of the steps we took, we managed to keep the inflation under 70 percent in September. By the end of the second quarter of 2022, the Ceylon Petroleum Corporation (CPC) has incurred a loss of 1,057 billion, Ceylon Electricity Board (CEB) 251 billion and SriLankan airlines has accumulated 791 million in losses. We can’t make people bear this burden. We will restructure them.”
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
