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Debt restructuring: opposition MP warns of “China go home” protests
ECONOMYNEXT —TNA Batticaloa District MP Shanakiyan Rasamanickam, who has been on the warpath with Beijing over an apparent lethargy in helping the crisis-hit Sri Lanka to restructure its debt, has warned of a “China, go home” protest campaign similar to the “Gota, go home” protests that unseated the country’s powerful former president in July.
The TNA MP told parliament on Friday that Sri Lanka owes 7.4 billion dollars to China, a nearly 20-trillion dollar economy, and if the latter was a true friend, it would agree to either write off this debt or at least help restructure it.
“If China, who has nearly 20,000 billion dollars, is truly Sri Lanka’s friend… offering nine million litres of diesel or half a million kilos of rice isn’t real help,” said Rasamanickam, speaking in Sinhala.
“I say to China and the Chinese embassy that, as 22 million Sri Lankans irrespective of ethnic or religious differences got together to say ‘Go home, Gota’, don’t push us to a place where we will be saying ‘China, go home’,” he said.
The Batticaloa district lawmaker has been raising his voice in parliament and elsewhere in recent days over what he claims is a hesitance on the part of China to assist in Sri Lanka’s debt restructuring efforts. The 2.9 billion dollar extended fund facility (EFF) that the International Monetary Fund (IMF) has offered the island is contingent upon the successful restructure of this outstanding debt as well as stringent reforms.
Colombo has been vague at best on the status of ongoing restructure talks with Sri Lanka’s creditors, and opposition lawmakers and others have expressed concern over what seems to be a worrying delay. Rasamanickam and others have claimed that China, Sri Lanka’s largest bilateral creditor, is the reason for the apparent standstill.
Addressing parliament on Wednesday, the TNA MP said China was not Sri Lanka’s friend but rather a friend of former President Mahinda Rajapaksa’s. He pointed to the Colombo Lotus Tower and the largely unused convention centre in the southern Rajapaksa stronghold of Hambantota as examples.
“What have the Chinese done in this country? If you look at the [Chinese built] Hambantota Port, China has taken it over. Tell me a single investment that the Chinese have made in this country where Sri Lankan people have been given employment [besides labour]. There’s not a single industry,” he said.
“They have forced investments down this country thanks to the Rajapaksa family. Investments that are useless,” he added.If China was a true friend, the MP reiterated, it would help the IMF programme.
“There is no democracy in China, no human rights, Uyghur Muslims are being detained and ‘rehabilitated’. Is such a country trying to turn Sri Lanka into a state like that, a state that doesn’t respect human rights? Is that what China wants?”
The Twitter account the Chinese Embassy in Colombo, known for its sardonic tone, was quick to respond. It said the MP’s understanding of the issue was wrong and incomplete.
“Sorry Mr. MP, your understanding is incorrect and incomplete. China is the biggest supporter to Sri Lanka in fighting COVID=19 and livelihood relief, including in your district Batticaloa. China is also the first responder to Sri Lanka”s financial crisis since its default in April.”
“As a major shareholder of IMF, China has been encouraging IMF and other international financial institutes to promptly support Sri Lanka. China actively participated all the creditors’ meetings of Sri Lanka, and China is not the only or the largest creditor of the island,” the embassy said in a five-tweet long thread.
China also funded the Norochcholai coal plant, the best investment the country has made since Mahaweli projects of the 1980s according to the Auditor General of Sri Lanka.However, China gave several monetary instability loans to Sri Lanka from 1980s onward when forex shortages emerged from money printed under flexible inflation targeting, sometime called ‘bridging finance’ in Sri Lanka.
Such loans were not tied to growth creating reforms unlike budget support loans given by the World Bank and ADB.India also gave credit lines to Sri Lanka in 2022 as forex shortages emerged.
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
