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Experts warn of risks to Sri Lanka’s economic recovery without political consensus on key reforms
LDM hosts discussion themed “Sri Lanka: Doomed without consensus
The discussion organised by the Lanka Democratic Movement focused on the need for political consensus on crucial economic reforms in Sri Lanka. The speakers pointed out that without a common agreement on key reforms, Sri Lanka’s recovery and its ongoing programme with the International Monetary Fund (IMF) could be at risk. The speakers emphasised the importance of implementing these reforms without failure and adhering to a plan for a reasonable period of time.
The Convener of the Lanka Democratic Movement, Rasika Jayakody, explained that Sri Lanka is not in a position to move away from the IMF bailout package as the country is in a disastrous situation as far as the economy is concerned. Therefore, Sri Lanka did not have the luxury of choosing when it had the opportunity to negotiate with the IMF on better terms. The country had to pursue the IMF option after becoming a bankrupt nation, and now, it has to swallow a better pill. Jayakody emphasised that it’s crucial to implement these reforms without failing, and policymakers must understand the gravity of the situation and move in one direction for at least five years.
Economist Rohan Masakorale emphasised the importance of policy stability in Sri Lanka. Masakorale explained that the country brought its economy on the right track in 1977, and there was significant progress between 1977 and 1982. However, after that, the country lost its way, and the riots in July 1983 caused many global companies that were exploring their investment prospects in Sri Lanka to go to Thailand. Moreover, the war erupted, and Sri Lanka paid a heavy price.
The biggest downfall in Sri Lanka was the successive governments’ failure to ensure policy stability. Masakorale pointed out that the Janasaviya programme was a progressive attempt to alleviate poverty through sustainable means. However, the government that came to power in 1994 politicised it and created a programme that did not produce the desired results. Sri Lanka must understand the gravity of the crisis and take corrective steps with consensus. Today, India has privatised all its ports, and Sri Lanka made a mockery of the plans related to the Easter Container Terminal at Colombo Port. The country wasted three years debating various conspiracy theories, and now it’s paying a heavy price for that.
Attorney at Law and Chairman of Citizens for Accountable Governance (CAG), Mangala Niyarepola, emphasised the absence of a master plan in Sri Lanka’s economy. He explained that political parties can include any fairy tale in their election manifestos as there is no mechanism to hold them accountable for their promises. Therefore, they end up doing ad-hoc projects without any rational basis, and they can manipulate the media and change public opinion closer to the election. That’s why Sri Lanka has ended up in this mess.
Niyarepola emphasised that when there is no master plan, no rule of law, no mechanism to hold politicians accountable, and no transparency, no serious investor will come to the country. The majority of so-called investors coming to such a country could be driven by vested interests, which is a failure in the system that Sri Lanka must address. The country needs a grand master plan that has constitutional protection, an all-encompassing document prepared by experts and technocrats. Political parties should not be allowed to deviate from the master plan without a referendum, and an institutional framework must be set up to implement this master plan with the participation of the public. This is the only way Sri Lanka can drive the much-talked-about “system change.”
The panelists highlighted that not having a common consensus on key reforms could derail Sri Lanka’s recovery and its ongoing program with the International Monetary Fund (IMF).
However, achieving political consensus is no easy task in Sri Lanka’s current political climate. The absence of a master plan, policy stability, and transparency has resulted in ad-hoc projects and a lack of accountability. Political parties can manipulate the media and change public opinion closer to elections, which ultimately leads to a lack of trust in the government.
The current crisis in Sri Lanka’s economy demands immediate attention and action. The government and policymakers must prioritise achieving political consensus on crucial economic reforms, implementing them effectively and efficiently, and working towards a grand master plan that will protect Sri Lanka’s economic future. Without political consensus, Sri Lanka’s economy may continue to face instability and challenges that could have far-reaching consequences for the country and its people.
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
