News
No import of vehicles anytime soon as govt. is concerned about drain on exchange reserves – Siyambalapitiya
By Rathindra Kuruwita
The government has not decided on a timeline to allow the free import of vehicles to the country, State Minister of Finance, Ranjith Siyambalapitiya says. He said that importing vehicles would be a drain on the country’s foreign currency reserves.
“We have allowed the import of 250 buses and 750 vans for tourism. We are looking into whether and how we can relax the import of vehicles. That’s it.”
Siyambalapitiya said there is one vehicle for five Sri Lankans. The government has appointed an expert committee to examine whether the country is ready to allow the import of private vehicles.
“We will decide what to do, based on what the Committee says. Some groups, like vehicle importers, are adversely affected by the restrictions on vehicle imports. However, we must look at national priorities.”
The State Minister said there will be a massive demand for vehicles, if the government relaxes the restrictions on vehicle imports. This would lead to a large outflow of foreign reserves.
“We have not allowed vehicle imports since 2020. The demand probably is huge now”.
Siyambalapitiya said there are sporadic rumours that the government will allow vehicle imports soon. “I don’t know how to make these videos and how they come with this idea,” he added.
He also said that they are closely monitoring the vehicles imported under a scheme to allow migrant workers to import vehicles.
Siyambalapitiya said that restructuring domestic debt was controversial and that the biggest burden of the restructuring was borne by the EPF.
“There are 2.7 million beneficiaries and last year, we promised to pay them an interest rate of 9 percent until 2026. However, at the end of 2023, we realized we can give a higher interest rate because of the good investments we had made with the fund. We decided to give an interest of 13 percent for 2023. What we will pay for 2024 will be decided in 2025,” he said.
He added that this is the first time that EPF beneficiaries received an interest rate of 13 percent after 2009.
Siyambalapitiya said in the past four months, the Central Bank has bought 1.2 billion dollars from the local market. If the Bank did not make this intervention, the exchange rate of the dollar will be about 250 rupees.
“This would have badly affected the exporters.”
Sri Lanka has exceeded its state revenue target for the first quarter of 2024 by 6 percent, Siyambalapitiya said, adding that the government expects a revenue collection of 4,106 billion rupees in 2024.
The State Minister said the government wants its revenue to be at least 14 percent of the GDP and that he believes the revenue target for the year can be achieved.
The Sri Lankan government collects revenue through three institutions, i.e., Sri Lankan Customs, the Excise Department, and the Inland Revenue Department, and has collected 834 billion rupees (about 2.8 billion dollars) in the first quarter, compared with an expected revenue target of 787 billion rupees (about 2.6 billion dollars) in the period, he said.
Siyambalapitiya mentioned that cheques will no longer be accepted to pay income tax. Over the years a large number of people have paid their income tax by cheque and a lot of these cheques have bounced.
The State Minister said that any government that comes into power will have to follow the current economic policies. There will be a collapse akin to 2022, if there is a diversion from the current path.
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
