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No country offers loans to Sri Lanka – SJB
Main Opposition SJB says that the international rating agencies have downgraded the country, banks and financial institutions in April as a defaulter and watch negative status. As a result the country has been plunged into a dangerous financial crisis from political and economic crises where it cannot face the international community for any financial transactions.
Addressing a press conference held at the Opposition Leader’s office in Colombo on Thursdya, SJB MP Eran Wickramaratne said that no country offers loans to Sri Lanka as a result of downgrading by the rating agencies.
“Also country cannot get a loan even from an international capital market as they would consider Sri Lanka as a country which has no capacity to repay the loans. The government is also finding it difficult to obtain loans even from Sri Lankans through local treasury bills. Despite attempts to borrow Rs. 97,500 million last week, the government was able to obtain only Rs. 46,066 million. That too as a three-month short-term loan at a high interest rate of 23 per cent,” he said.
“People have lost confidence in the government to invest in the long-term Treasury bills. The entire working class of the country has taken to the streets today saying that the government responsible for facing such a situation can no longer rule this country and that the President and the government should resign immediately. This crisis affects all parties, institutions and individuals equally.”
During the month of April Fitch rating has downgraded Sri Lanka’s long Term foreign – currency Issuer Default rating (IDR) to “C” from “CC” and views that sovereign default process has begun. S&P while lowered Selective Default from “CC” to “C” lowered 2023 and 2028 bonds to “D” default indicating that the government cannot repay the bond.
Further Fitch rating has placed National Long Term rating of 13 Banks and 12 non- banking financial institutions as Negative on April 26, 2022. This will create a situation where the international banks would not honor the LCs of the two State Banks where they will require an additional guarantee or an insurance premium increasing the cost, Wickramaratne said.
“Now the entire people of the country are saying the same thing. The voice of the Galle Face struggle is reflected in the country as well. The people are unanimously calling for the overthrow of this corrupt government, Gotabaya Go Home, Mahinda Rajapaksa Go Home, formation of a government without Rajapaksas and the abolition of the executive presidency.”
“The power struggle between the president and the prime minister is a family affair. It does not matter to the country. The Rajapaksas are now pushing for the formation of a Rajapaksa government without the Rajapaksas by using a second tier group of parliamentarians by leaving behind the corrupt ministers to back track to form an interim government. SJB would not take part in any interim regime under Rajapaksas,” Wickramaratne said.
“People say that this country does not want a Rajapaksa government. Moreover, the international community does not trust the Rajapaksas, so it is not possible to obtain any assistance from abroad with Rajapaksas in power.”
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
