News
Sajith: Rating downgrade will make borrowing more expensive
Cabraal: Opposition deriving perverse pleasure at the expense of people
By Saman Indrajith
Opposition Leader Sajith Premadasa in a special statement to Parliament yesterday, said the country was in the midst of a severe financial crisis.
“Moody’s Investors Service recently downgraded Sri Lanka’s sovereign credit rating by two notches, stating that our country would be hard-pressed to secure funding to service its huge foreign debt. On Sept 28, Moody’s downgraded Sri Lanka from “B2” (high credit risk) to “CAA1″ (very high credit risk). Now we are in the company of countries such as Angola, Mali, Barbados, Gabon and Iraq. This down grading would have a severe blow for the economy which needs to borrow around four billion US dollars from 2020 to 2025. As at August, our foreign reserves were at 7.4 billion US dollars. In that context, the Government repaid a billion US dollars due on international sovereign bond (ISB). That is not a move favourable for the country’s economy,” he said.
Premadasa said that the need of the hour was urgent economic reforms through collective efforts.
The Opposition leader said that the downgrading of Sri Lanka by Moody’s, which, he said, would make borrowing in the international market more expensive and harder to obtain for Sri Lanka.
He said owing to the downgrade interest rates Sri Lanka would have to pay for Bonds and loans would go up and it would be very hard for us to raise money to settle loans.
Responding to Opposition Leader Premadasa, State Minister of Money & Capital Market and State Enterprise Reforms Ajith Nivard Cabraal said: “When this issue was raised, my mind went back to 2007. We were trying to raise funds by issuing bonds. The then Opposition leader and his supporters did their utmost to prevent us raising funds. They surrounded HSBC and threatened not to buy the bonds which they would not honour under a future government of theirs. Later, when I travelled overseas to bring foreign investors, I saw each of them had a copy of a document sent from here telling them not to give funds to us. That was the time we were in a critical situation as a fierce war was raging. We somehow managed to win on both war and economic fronts. It seems that the Opposition is deriving perverse pleasure as the expense of people. that we are confronting challenges. They may be dreaming of that we will fail to manage the economy. Trust me we will deny the Opposition that pleasure. We shall prevail!”
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
