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We are almost there with IMF bailout – CBSL Governor
The IMF could finalise Sri Lanka’s financing package within three weeks of the country’s main bilateral creditors formally informing the IMF that they would help Sri Lanka restructure its debt, Governor of the Central Bank, Dr. Nandalal Weerasinghe, said on Thursday appearing on a TV programme.
Dr. Weerasinghe said that Sri Lanka had already provided adequate information to the country’s main bilateral creditors and they were in a position to make an informed decision about the role they could play in making Sri Lanka’s debt sustainable.
“Sri Lanka’s ability to secure an IMF package depends on the country’s ability to obtain assurances from our bilateral creditors. We have made good progress with the Paris Club, India, and China. We have had two formal meetings with all donors, and we have given all the information. We have kept providing them with information, through the IMF and our advisors, and the creditors now have sufficient information to decide on what kind of contribution they can make to restore debt sustainability,” he said.
Dr. Weerasinghe said that the next step would be getting financial assurances from all creditors, either collectively or bilaterally, based on what type of relief they would provide. Then the creditors could tell the IMF formally that they are willing to help Sri Lanka reach the debt targets that the IMF has set up, he said.
“Then, we can go to the board and approve the programme we have set up. The IMF needs a maximum of three weeks to get the programme approved. We were making progress and
we were hoping for an IMF programme by December. However, there was some little delay from some of the creditors because of internal issues. If we had got the assurances in November, we were targeting the IMF board meeting which is to be held on 19 December. But we have missed that,” he said.The Central Bank Governor said that some partners have expressed willingness to support Sri Lanka. Among them are China, India, and the Paris Cub.
“When they tell the IMF that they are willing to help formally, we are almost done. We are almost there in my view. Once we get that assurance, the IMF needs a maximum of two to three weeks to prepare all the board papers, circulate with the board members, go to the board and get the programme approved. For example, if we can get the creditors to write to the IMF this month, the IMF can approve this programme in January. The IMF board usually meets two to three days a week,” he said.
Responding to a question whether Sri Lanka is versed in dealing with such matters, Dr. Weerasinghe said working with the IMF is not new to the country. However, previous dealings with the IMF have not been this complex, he said.
“That is we did not have a debt crisis. In the past we have gone to the IMF to address Balance of Payment crises, for financing support and also for advice on the overall macro framework. In this case, we also have to also ensure that our debt is sustainable. That is the additional complication,” he 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
