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President: Those who try to dictate terms to IMF have Montessori-level knowledge
President Ranil Wickremesinghe told Parliament yesterday that Sri Lanka was set to come out of bankruptcy by securing of the second tranche of the International Monetary Fund’s (IMF’s) Extended Fund Facility.
“We will now focus on securing the foreign aid that was suspended after we declared bankruptcy,” the President said, making a special statement to Parliament to officially announce the IMF decision to grant the second tranche under the EFF.
He said that Sri Lanka still has a difficult journey ahead.
“We have travelled through a suspension bridge and we have no choice but to continue our journey through this bridge,” he said, stressing that Sri Lanka has no choice but to work with the IMF.
“We have managed to strike a deal with most of our debtors for restructuring of debts. However, we are faced with the task of securing a deal with our private debtors who are mainly bond holders,” he said.
President Wickremesinghe said that the conditions imposed by the IMF on Sri Lanka, can only be removed by continuing along the same path and strengthening the country’s economy.
He expressed optimism that the IMF now admits that Sri Lanka has taken decisive steps to overcome the state of bankruptcy.
“Now they [IMF] admit that we have taken decisive steps to save ourselves from the label of a ‘bankrupt state’. I am humbled to be able to lead this proud journey”, the President mentioned.
“I took over a bankrupt country last year. No leader came forward to take over that bankrupt country. Everyone was afraid to accept this challenge. None of the heroes who are now addressing the Parliament had the courage to come forward. I accepted that challenge…”
“All I had was determination and dedication. Not a single MP representing my party was in the Parliament. But the majority of MPs supported me although they were also insulted and mocked. The people of the country also supported me. They faced various hardships and supported this journey”, he added.
The President said that he highlighted that the country’s inflation prevailed at 70% at the time he took over the country, but it has now been brought down to 1.5%.
“At the time the depreciation of the rupee had risen to 80%. The value of the rupee increased to Rs. 360 per dollar. Now it has stabilized at the level of Rs. 325 – Rs. 330 per dollar.”
Moreover, Wickremesinghe said: “We have no other path but this path. There are two main factors in this path – having access to IMF assistance and debt restructuring. We handled both those factors properly. So we have been able to obtain good results.”
Furthermore, he emphasized that with the approval of the second tranche from the IMF, the country will receive multiple advantages including USD 150 million from the World Bank for deposit insurance, which will make the financial sector tremendously strong.
“This makes the banking and financial sector 100% secure”, the President said.
“Foreign investors can invest in Sri Lanka without any doubt then. Our Letters of Credit are accepted at the international level again.”
The President also admitted that the government is aware that a certain group of the society has faced hardships as a result of imposing taxes including VAT, adding that the government had no other choice.
“Some parties question the purpose of a government to govern the country if it has to be subjected to the conditions of the IMF. They claim that they will impose conditions on the IMF once they come to power. These are just childish stories. Only the people who have ‘Montessori-level knowledge’ about the economy can tell such stories”, he added.
“Remember, we can get out of the IMF conditions only if we continue on this path and build a strong economy under these conditions”, the President 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
