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Diana dreams of dollarized tourism Macau in Mannar
ECONOMYNEXT –Sri Lanka can build Mannar Island into an entertainment filled tourism hotspot which will use dollars as its currency like Macau, newly appointed state minister for tourism Diana Gamage has said.Macau adds to a long list of dream countries with stable single anchor monetary regimes with currency boards of currency board like systems.Other such countries that Sri Lanka frequently aspires to become economic hubs like Singapore (modified currency board), Dubai (currency board like system) or Hong Kong (orthodox currency board).
“We can make the Mannar Island like entertainment location like Macau Island,” Minister Gamage told after assuming duties.
“Business can be done in dollars. No rupees.”
Macau has a currency board with Hong Kong dollar at 1.03 Macau Pataca and also currency competition where foreign currencies like the US dollar can be used.In Sri Lanka the central bank and police arrest people who try to protect their savings from depreciation using draconian legal tender laws after printing money to create forex shortages. In 2022 a money laundering law was also deployed against the people.
Sri Lanka has a Latin America style unstable intermediate regime (a reserve collecting peg with liquidity injections to suppress rates) now called a ‘flexible exchange rate’.
A Chinese backed reclaimed area off the capital Colombo called Port City is already dollarized.Sri Lanka is now facing the worst currency crises in the history of the central bank after two years of money printing to suppress interest rates.
The dual anchor intermediate regime was set up in 1950 bringing high inflation and depreciation after abolishing a currency board which had kept the economy stable through World Wars and a Great Depression.Due to the liquidity injection tools of the central bank which trigger forex shortages Sri Lanka frequently runs into forex shortages and currency crises which lower living standards of the people and trigger social unrest.Sri Lanka now has difficulty in importing oil and other essentials, though the central bank has allowed rates to go up, reduced money printing and domestic credit allowing the external sector to stabilize.
“When we were small our parents used to scare us saying that you may be taken to Mannar to make dry fish,” Minister Gamage said.
“Is making dry fish the solution to Sri Lanka? Why do we keep Mannar to produce dry fish, when we can earn dollars?
Since the setting up of the Latin America style central bank the rupee had depreciated from 4.70 to the US dollar to 360. Sri Lanka defaulted on dollar loans in April 2022 for the first time.
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
