News
Debt restructuring: Opp. won’t accept President’s assurances; COPF examines proposals
By Shamindra Ferdinando
SJB MP Dr. Harsha de Silva said that the all-party Committee on Public Finance (COPF) would have to examine the proposals presented by the Central Bank of Sri Lanka (CBSL) and the Treasury as regards the proposed domestic debt restructuring.
COPF Chairman de Silva said that the CBSL and Treasury representatives appeared before the watchdog committee yesterday (28) and tomorrow. Commercial Banks, EPF and other relevant institutions would appear today (29).
COPF would meet again on Friday to address outstanding issues, MP de Silva said.
The SJB economist said so when The Island sought his response to President Ranil Wickremesinghe’s declaration that the domestic debt restructuring wouldn’t be detrimental to the banking sector. The President also dismissed the Opposition’s claims that the proposed measures would have an impact on interests on bank deposits, the EPF, etc. President Wickremesinghe also holds the Finance portfolio.
Dr de Silva, a former UNP State Minister, emphasised that the SJB’s ‘Economic Blueprint’- a 10-point programme, which spelt out how to achieve stabilisation and equitable growth. He said he and his party were against domestic debt restructuring, but if absolutely necessary then the government should re-profile debt without hurting the public. He said there should be no face value haircuts; there could be maturity extensions with necessary regulatory measures to deal with capital adequacy issues so that there will be no adverse impact on individual depositors or EPF members, and the CBSL would be able to ensure liquidity for banks. “If done properly, the risk premiums will disappear and interest rates will fall. Will be positive for borrowers as well as banks … and will help growth.”
Speaker Mahinda Yapa Abeywardena yesterday issued a special gazette notification regarding the convening of Parliament on Saturday at 9.30 am. Director Legislative Services and Acting Director Communication, Parliament Janakantha Silva said that the announcement had been made in accordance with Standing Order 16 at the request of Prime Minister Dinesh Gunawardena.
Dr. de Silva said that the SJB had made its position clear ahead of the current crisis though the government continuously misled the public.
Top Opposition Spokesman Prof. G.L. Peiris said that their stand on the issue would not change simply because of a declaration made by President Wickremesinghe at a public event in Gampaha. Recalling the way the Wickremesinghe-Rajapaksa government had failed to brief Parliament on the IMF bailout package until the finalisation of the agreement in March, Prof. Peiris said that the basic problem was a chronic lack of clarity in the government’s stand. “Whether domestic debt restructuring is to take the form of coupon cut, haircut or adjustment of time of maturity is not clear. The idea is to take the country and, in particular, the banking system by surprise when the markets are shut down for five days. This has inevitably fuelled harmful speculation. Parliament and the Opposition have been taken for granted. The Business Committee meeting was postponed from Tuesday to Friday, and then the issuance of a special Gazette by the Speaker prior to the Business Committee meeting. Smoke and mirrors approach deprives the entire process of much needed candour and transparency. We therefore stand by the assessment we have already made.”
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
