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JVP accuses SLPP of helping President supersede Parliament
By Rathindra Kuruwita
Sri Lanka Podujana Peramuna (SLPP) has allowed President Ranil Wickremesinghe to supersede Parliament with regards to public finance, JVP National Trade Union Coordination Centre Convenor Wasantha Samarasinghe told The Island.
He said the same Parliament that was unaware that Sri Lanka was going to default on April 2022, have voted for the resolution to restructure domestic debt without any understanding of its consequences.
The Government Printer, who had a million reasons to delay the printing of ballot papers for the local council polls, has worked on a Poya Day to issue a special Gazette notification about the domestic debt restructuring process, recently passed in Parliament, Samarasinghe said.
Samarasinghe added that Gazette has been issued by President Ranil Wickremesinghe in his capacity as the Minister of Finance under the Registered Stock and Securities Ordinance, No. 07 of 1937.
“Sri Lanka Podujana Peramuna (SLPP) MPs made Ranil the President. Now the SLPP has given Ranil power over public finance. The Parliament was given power over public finances because a single person should not have such power. However, it is obvious that Ranil now takes decisions on public finance on his own,” he said.
In this gazette, the President has given the Secretary to the Ministry of Finance, Economic Stabilization, and National Policies, and the Registrar of Public Debt the following powers; to offer to any holder of any stock or securities issued in Sri Lanka under the provisions of the Ordinance or any other enactment the option of converting or exchanging, as the case may be, the holding as of 28th June 2023 or part thereof; to convert or exchange, as the case may be, any stock or securities issued in Sri Lanka under the provisions of the Ordinance or any other enactment held by holders into Treasury Bonds to be issued under the Ordinance and to specify the manner in which payment of interest is made and the conditions subject to which such Treasury Bonds may be converted or exchanged, as the case may be, under the Ordinance.
“In April 2022, Sri Lanka declared bankruptcy. The Parliament didn’t know that we were going to default until the MPs saw the press release issued. The same Parliament has passed the resolution on domestic debt restructuring,” he said.
The domestic debt stock is about 42 billion U.S. Dollars. President Wickremesinghe said that he wants the foreign creditors to waive off 17 billion dollars, Samarasinghe said. That’s about 40 percent of the foreign debt stock.
“The President added that local debt holders must also waive off about 40 percent of the value of the debt. He said that there should be equity. However, it is the EPF and other pension funds that is taking a cut. Parliament has approved the stripping down of the EPF and the gazette issued is a part of laws that will be amended to implement what was approved by the Parliament,” he said.
Neither the President nor the Central Bank or Treasury officials have revealed how much of the domestic debt will be restructured, Samarasinghe said.
“122 MPs voted in favour of this resolution. I challenge anyone of those 122 MPs to tell us the amount of local debt that will be restructured,” he said.
The former MP said that for years EPF funds have been invested in sectors that gave less than market rates in return. Now, the government has officially declared that EPF will only get nine percent interest rate till 2038, he said. This is well below what people would have got if they invest in Treasury Bonds.
“EPF has loaned the government significant amounts of money at below market rates for a long time. We have asked the government to appoint representatives from unions and employers to the board that makes decisions on EPF. There are 2.4 million active accounts and 67,000 employers. Shouldn’t they have some representation? This is the largest fund in the country, but the money is being handled without any transparency,” he said.
In 2018, EPF was strapped with a 14 percent tax, up from 10 percent. The Central Bank governs the EPF finds, and it is also entrusted with restructuring domestic debt, and this is a clear conflict of interest. Meanwhile, the owners of the fund have no say in how their money is used.
There are 117 superannuation funds. Each year, due to the lowering of interest rates, workers will lose between 600 and 1000 billion rupees a year from EPF alone, he said.
“The government doesn’t let workers invest in higher-yielding sectors. The Central Bank invests EPF funds in things that give it low returns. After doing that, it proposes to further cut benefits for the workers. Between 2008 and 2012, EPF money was invested in stocks, and workers lost three billion rupees. Over the years, money was invested in SriLankan and other bad bets. How much money did the EPF lose due to the bond scam?” Samarasinghe asked.
Samarasinghe said that the government has done nothing to increase foreign revenue, and once the country starts to pay external debt, the dollar will significantly appreciate against the rupee.
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
