News
Diesel shipment that arrived in Colombo on 16 July still not paid for want of dollars
By Shiran Ranasinghe and Sanath Nanayakkara
The Ceylon Petroleum Corporation (CPC) has still not paid for a ship carrying 40,000 tonnes of diesel that had arrived in Colombo Port on 16 July 16. The CPC has to pay 52 million dollars to the Dubai based Coral Energy before unloading the diesel. Moreover, the CPC also has to pay 198,000 US dollars as late charges, port charges and insurance fees.
A senior CPC official said that they purchased the diesel shipment under the spot tender method to resolve the fuel shortages. He added that they did not have dollars to pay for future shipments and that they must limit the stocks released to the market.Earlier this week Governor of the Central Bank Dr. Nandalal Weerasinghe said Sri Lanka needed USD 350-400 million to import oil on a monthly basis excluding for fuel needed to generate electricity.
“Our foreign reserves are at a very low level. If India or China helps us, we can resolve this issue without great difficulty. But now the situation is uncertain whether we will get such assistance. We have requested for assistance, but there is still no certainty that we will get it. Now let’s imagine that we get no support, then as we have used up our foreign reserves there will be oil supplies until the middle of next month for the payments made. How to get oil beyond that is an issue. We have paid for three diesel shipments and two petrol shipments. That is what we are receiving these days. That will be sufficient till the middle of next month with shortages in supplies,” the Governor said.
DR. Weerasinghe said that if India or China agreed to give short term financing, say USD one billion, then Sri Lanka could meet with the oil requirement for three months until a more sustainable arrangement was made. “If we get that short-term financing help, we might get oil or otherwise this fuel crisis will persist,” he said.
“The beginning of an answer to this problem will be from the day we get an IMF fund facility. When that happens, there will be a lot better situation, I can say firmly. So, the uncertainty will remain in the period between now and the point of getting an IMF facility.”
“Let’s say that nobody gives us any financial support. Then we have our export earnings to rely on. We earn about 1 USD billion from it. Then we have our remittances which are about USD 300 million through the banking system. That means we have USD 1.3 billion in foreign exchange earnings. In the event no one helps, then we will have to manage our oil imports with that money. Although our export earnings amount to 1 USD billion, we see a problem there on the part of exporters. Data shows that they don’t bring the total amount of their earnings into the country. In the first 5 months of the year we should have had USD 5 billion. But we see that only 20% of that money has been converted into Sri Lankan rupees. At least 40% of total export earnings should be added to the formal financial system of the country. So exporters have a responsibility at a very difficult time like this to bring back their foreign exchange through the banking system, and if that happens, then we can resolve the fuel crisis comfortably.”
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
