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G20 considers quick relief to Lanka debt crisis
The G20 group, under India’s Presidency, has decided to provide relief to countries burdened with debt crisis, including Sri Lanka, said a report published by the Indian Express yesterday.The decision has been taken at the First G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting held in Bengaluru, February 24-25, 2023, and it is reported that the group has decided to focus on the areas where relief can be given to the respective countries.
The FMCBG meeting, concluded on Sunday, has focused on subjects ranging from global debt crisis, MDB reforms, climate finance, global approach on cryptos, digital public infrastructure, financial inclusion, financing cities of tomorrow, and taxation.
The Chair in a Summary and Outcome Document, following the conclusion of the meeting, recognizing the urgency to address debt vulnerabilities in low and middle-income countries, including Sri Lanka, said the group looks forward to a quick resolution for Sri Lanka’s situation.
“Further, we look forward to a swift resolution to Sri Lanka’s debt situation,” the G20 FMCBG said.
The group added that strengthening multilateral coordination by official bilateral and private creditors is needed to address the deteriorating debt situation and facilitate coordinated debt treatment for debt-distressed countries.
IMF Managing Director, Kristalina Georgieva, making a statement yesteray at the first meeting of the G20 Finance Ministers and Central Bank Governors urged the G20 Leadership to strengthen the debt architecture and improve the speed and effectiveness of debt resolution in light of rising debt vulnerabilities in many countries.
She said more predictable, timely, and orderly processes are needed both for countries under the Common Framework (CF) for debt resolution and for those not covered by it, including Sri Lanka and Suriname.
On the sidelines, the International Monetary Fund held a meeting on Saturday with the World Bank, China, India, Saudi Arabia and the G7 on restructuring debt for distressed economies.
However, IMF Managing Director Kristalina Georgieva has noted that there were disagreements among members, according to a Reuters report.
While pressure has been building on China, the world’s largest bilateral creditor, and other nations to take a large haircut in loans given to struggling developing nations, China has reiterated that the World Bank and other multilateral development banks participate in debt relief by taking haircuts alongside bilateral creditors.
US Treasury Secretary Janet Yellen has also said before the debt meeting that she would press all bilateral creditors, including China, to participate in meaningful discussions, adding that debt treatment for Zambia and financing assurances for Sri Lanka were “most urgent”.
Sri Lanka owed Chinese lenders $7.4 billion — or nearly a fifth of public external debt — by the end of 2022, Reuters reported.President Ranil Wickremesinghe recently said the prospects for relieving the debt burden of low-income countries, such as Sri Lanka, will become clearer at the G20 FMCBG meeting, concluded today.
“By the end of this week, we will get to hear the outcome of these talks. Then we will know with greater clarity as to how they intend to cooperate on debt relief for Sri Lanka, and how we should go forward,” he said.
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
