Sri Lanka is set to repay a US$ 500 million International sovereign bond by the January 18 deadline, keeping intact its reputation for honoring debt as concern mounts about the nation’s overseas financing.
Central Bank Governor Ajith Nivard Cabraal announced that the CB has allocated the forex required for the $ 500 million International Sovereign Bonds (ISB) that is maturing on January 18.
In a tweeter message he said it is a shame that some investors lost out due to the organized negative stories spread by certain vested interests.
Unfortunately some bondholders panicked due to rating actions and analyst reports and sold off at huge discounts,” Cabraal said adding that those who will come last profited most.”
The payment marks the clearing of only the first test. One more payment – in addition to a $500 million bond, a $1 billion of debt — became due this year, with the Central Bank assuring that arrangements have been made for the transaction.
He said the funds to repay the bond have already been earmarked. The Government currently holds only about $ 3.1 billion in foreign reserves.
Of these, less than a billion dollars are in liquid dollar reserves that can be used to repay foreign loans and installments. The central bank expects to get some of the funds back into reserves via swaps, Governor Cabraal said.
The central bank had also got some dollars paid out by the Treasury sovereign bonds to maturing bonds back through swap transactions.Sri Lanka’s forex reserves fell to $1.58 Billion in October last year.
However the central bank has advanced about $160 million to domestic state banks, which is not counted as foreign reserves because the asset is domestic.
Sri Lanka is working on central bank loans, asset sales and credit lines to shore up reserves.
Downgrade on Rising Default Probability: The downgrade of Sri Lanka’s Foreign-Currency Issuer Default Rating (IDR) to ‘CC’ from ‘CCC’ reflects increasing pressure on the country’s foreign-exchange reserves from large external debt redemptions, which raises the probability of a default event.
Reserves have fallen steeply since August 2021 due to a higher import bill and central bank intervention to support the currency, Fitch ratings agency said.
Scheduled foreign-currency debt servicing in 2022 is equivalent to 430 pecent of end-November 2021 foreign-exchange reserves, it calaimed.
Substantial Debt Repayments: Cumulative foreign-currency debt-servicing payments between 2022 and 2026 amount to about $26 billion.
Sri Lanka’s 1Q22 foreign-currency debt repayments, of about $ 3 billion, are alone nearly 188 of reserves.
This includes an international sovereign bond (ISB) repayment of $500 million around mid-January 2022.
Funding Options Narrowing: External financing options are limited, reflected in the authorities’ reliance on external bilateral support and swaps with central banks to meet funding needs for 2022.
The timing of these flows materialising and their ready availability for debt servicing are unclear. Fitch Ratings believes that, even if these flows are secured, maintaining sufficient external liquidity for uninterrupted debt servicing will be challenging for Sri Lanka.
The Sri Lanka Institute of Marketing recently held its Graduation Ceremony on the 13th of December 2021 at the Bandaranaike Memorial International Conference Hall (BMICH) in Colombo. With a morning session from 08:30 a.m. to 12:30 p.m. and an evening session from 02.00 p.m. to 06:00 p.m., this ceremony recognised the efforts of students who had successfully completed the Postgraduate Diploma in Marketing (PGDIP), the Diploma in Strategic Brand Management (DSBM), the National Diploma in Sales Management (NDSM), the Diploma in Digital Marketing (DDM), the MBA in Marketing and those who achieved the status of Certified Professional Marketer (CPM).
The graduation addressee for the morning session of the SLIM Graduation Ceremony, Lalith Seneviratne, the Group Chief Executive Officer and Executive Director of the Sri Lanka Telecom Group stated, “It is pertinent that we reflect on what they can look forward to in this unique ‘new normal’ period of pandemic times. Unlike their predecessors, today’s graduating class has studied almost entirely online, using what was once considered ‘futuristic’ tools in day-to-day work. It is apt since the focus and drive of their marketing work in real-time will be mostly in the digital arena. Today’s graduates will be required to contribute to the national digital drive, bringing digitally enabled products and services to a digitally aware audience. It is an exciting and largely unexplored frontier, and I look forward to seeing you making waves in the future.”
As the Guest of Honour for the morning session, Rohan Somawansa, MBA, CIM, CPM (Asia), CMA (Aus.), DBFA (CA), gave insight into the diversification of the role of the marketer in today’s day and age saying, “The role of the marketer has changed dramatically in the current business environment due to many factors. The changes in the business models in most organizations as well as unprecedented changes in consumer behaviour are some of the significant underlining factors. You all have a great opportunity to create local brands that would penetrate the region and finally the globe by redefining the branding strategies as you prepare for a tech-savvy and future-ready Sri Lanka.”
The Graduation Addressee for the evening session of the SLIM Graduation Ceremony, Aruni Goonetilleke, the Chairperson of Hatton National Bank PLC shared her thoughts saying, “As we enter a time of rapid change, it is incumbent on each of us to carefully consider how we can adapt and create the agility necessary to be prepared for the ‘new normal’, and in so doing, have a positive impact on our communities and people.
In a post-COVID landscape, with the flourishing of e-commerce, and new technological capabilities, the role of marketing has emerged as an essential pre-requisite to the success of every business and your contribution has the potential to be unparalleled. Through your efforts, and with the support of SLIM, each of you has been equipped with the knowledge and skills necessary to make a notable impact in your careers. You have proved your capabilities and you must now use what you have learned and build on it. Be brave and bold; be ready to evolve and be a lifelong student.
The words of the Guest of Honour for the evening session, Dr Pradeep Edward, PhD, MBA, Pg.Dip.M, Dip.BM, Dip. Fin Mgt, FSLIM, FIMS, FIMM, FCIM, P.Mkt(SL), echoed the aforementioned sentiments, speaking of countless opportunities for the graduates, embarking on their marketing journey. He stated “We are passing an era with numerous challenges of an unprecedented nature, which have affected all the facets of our lives. As flourishing marketers, you ought to be resilient and well equipped with the knowledge and expertise to overcome these challenges triumphantly in the ‘new normal’ circumstances. As Sam Walton once said, you cannot just keep doing what worked once, when everything around you is changing. Rather, you have to stay out in front of change, to succeed.
“Make a difference and bring novelty into all your endeavours as the new breed of marketers, adding your ‘personal brand’ into everything that you do. While paying my gratitude and extending well wishes to SLIM, for its continuous and unstinted efforts in grooming world-class marketers to the nation, I wish all those who are graduating today the best of luck to conquer the horizons of their dreams,” concluded Dr Pradeep Edward.
This SLIM Graduation Ceremony 2021 celebrated the hard work, determination and achievements of the graduands as they stepped forward to collect their scrolls and certificates, having completed their respective diplomas and degrees.
These aspiring marketers, now qualified graduates from a host of different diplomas and degrees offered by SLIM, are ready to step into the world of Marketing as they pursue their dreams. The vast array of academic opportunities, made available by SLIM, encourage and prepare students for the business world.
The Postgraduate Diploma in Marketing (PGDIP) is a comprehensive SLIM qualification on par with other internationally recognized qualifications in marketing. The Diploma in Strategic Brand Management (DSBM) is a practical course to enhance knowledge on the path to effective branding. The National Diploma in Sales Management (NDSM) is a qualification to differentiate SLIM graduates from your conventional salesperson. The Diploma in Digital Marketing (DDM) is designed to educate aspiring marketers on the most important digital marketing concepts, the best practices and emerging concepts in digital marketing.
The MBA in Marketing is offered by SLIM in collaboration with the Wrexham Glyndwr University, providing you with a well-recognised British MBA. Recognised by the University Grants Commission (UGC), this fast-track programme has been exclusively introduced for SLIM PGDIP holders and CIM-UK qualified students. Finally, SLIM’s Certified Professional Marketer (CPM) is the highest status qualification in the Asian region in marketing.
Nuwan Gamage, the Vice President – Education for SLIM elaborated on SLIM’s plans for a future with an emphasis on education saying, “We have comprised our five-year strategy with a “Future-Ready Sri Lanka” in mind; set to develop future-ready innovative marketers in Sri Lanka. We believe that education of superior quality is an essential part of promoting the knowledge economy and innovation. SLIM has, therefore, invested in furthering education for future generations of aspiring marketers, and we are planning to obtain university status, implementing a series of new programs. These programs will focus on harnessing the set of skills required for successful marketers of 2030, as we prepare our students for the challenges on their horizon.”
Addressing the graduates of 2021, Thilanka Abeywardena, the President of SLIM, expressed her hopes for the students to “be determined to continue with [your] studies as knowledge creation is the sure way to become a fully-fledged professional, adding value to any sphere as you pursue the career of your choice. In addition, knowledge inculcates self-confidence and enhances one’s personality. To have continuous professional development, a perfect blend of acquired and practical knowledge is required. That is your key to success. Using your intuition, you should convert your learned theoretical knowledge into practical knowledge to overcome challenges as you embark on your journey through life.”
She further elaborated on the mission of SLIM and its prospects, giving insight into “a ‘Future-Ready Sri Lanka’. As the national body for marketing in Sri Lanka, we at SLIM believe in stepping forward to drive this concept of a generation of competent, skilled marketers who are ready to take on the struggles of modern-day businesses.”
SLIM’s effort towards enhancing and continuously developing marketing education in Sri Lanka and its commitment towards the profession is undeniable. Embodying its role as the national body for Marketing in Sri Lanka, SLIM continues to guide students towards their marketing goals, starting them off on their journey towards achieving their business-oriented goals and dreams. Congratulations to the graduates of 2021!
Director of the Colombo Crimes Division (CCD) Senior Superintendent of Police Janak Nandana has been transferred to the post of Personal Assistant to Senior Deputy Inspector General of Police Ranman Kodithuwakku in charge of the Police Field Force Headquarters Division with immediate effect.
Nandana was appointed as the Director of the CCD in May, 2020.
Former State Minister Susil Premajayantha was dismissed from his ministerial portfolio based on intelligence received to the President, said Ruling Party MP Thisakutti Arachchi, speaking to media today (05).
The decision was taken upon information reported to the President by the State Intelligence Service, the MP claimed.
Thisakutti Arachchi denied the claim that Premajayantha was dismissed due to a comment he had made at the Delkanda Market 24 hours prior to the dismissal, saying that neither the President nor the Government has fallen into an intolerance against criticism.
Covid vaccination for children in the age group of age 12 – 15 years will commence from next Friday, revealed Health Minister Keheliya Rambukwella, speaking to a briefing held in the Ministry today (05).
The health authorities recommend that a single-dose administration would suffice for the said age group.
Earlier, children with various complications in this age group were vaccinated and by doing so, 30,000 children were vaccinated.
The booster dose will be administered to teachers in parallel to the children, the Minister added, revealing that the booster dose can be obtained for school non-academic staff members, as well as drivers transporting school children.
The health authorities also recommended that all school students be called in to the schools, in order to resume the normal school activities, Rambukwella added.
The families of those killed and injured in the ferry accident on Kurinjankarni Lagoon in Kinniya were granted financial assistance under the patronage of Leader of the Opposition Sajith Premadasa yesterday (04).
Among the victims of the Ferry Accident occurred on November 23, 2021 were school children.
Speaking to the occasion, the Opposition Leader pointed out that futuristic plans are needed to build a country and that in implementation, the most sensitive needs should be addressed first, preventing unwanted tragedies.
The construction of the Kurinjankarni Ferry, which took away many lives, is still being stalled because it was a bridge born out of the “Twentieth Amendment,” Premadasa said, mocking the government.
The Opposition Leader attended the event while launching a number of programmes in the North and East, including the “Sakwala” Program and the “Samagi Jana Balawegayen Husmak” Initiative undertaken by the Samagi Jana Balawegaya (SJB).
The Government Medical Officers’ Association (GMOA) is reportedly attempting to create a reproaching campaign against Dr. Rukshan Bellana, Chairman of the Government Medical Officers’ Forum (GMOF), among the medical professionals’ community amid growing tensions over its trade union actions.
Dr. Bellana, who recently attracted many headlines by levelling severe criticism against the strike action launched by the GMOA, is becoming a target of being despised not only in the medical professionals’ community, but also among the public, due to the efforts of the GMOA, sources said.
Dr. Bellana currently serves in the Administration Sector as the Deputy Director of the Colombo South Teaching Hospital, Kalubowila, and the GMOA’s alleged reproaching campaign against the GMOF Chief is being seeded inside the Hospital.
Despite the GMOA’s plan to throw Dr. Bellana out of the picture via its Branch at the Kalubowila Hospital under the influence of Dr. Anuruddha Padeniya, the GMOA Chief, the resistance growing from the front row of the Kalubowila Branch keeps Padeniya’s plans at bay, according to sources.
Following many failed attempts to stage protests against Bellana under the influence of Padeniya and his cronies, the GMOA has urged its agents at Kalubowila to at least wear black ties during duty in objection to the GMOF Chief. The attempt, however, is but a dead end to this day, sources added.
In the backdrop, Padeniya has blatantly scolded the GMOA agents at the Kalubowila Hospital.
In Bellana’s role as the Deputy Director of the Colombo South Teaching Hospital, he is recognised as a kind and friendly gentleman to any staff member from top to bottom, due to which the GMOA’s notorious attempts against the GMOF Chief failed on many occasions.
Following several failed attempts to discredit Bellana, a new propaganda is being circulated that he is not a legitimate medical officer.
The GMOA’s grudge against the GMOF begs us to question as to what exactly the role of the trade unions responding to the Health Sector of Sri Lanka would be given that such despicable games are being played against one another instead of endorsing the common struggle to protect the rights of the health workers.
What is the path has the GMOA chosen in its most politically influenced agenda by misusing trade unions? Is Padeniya intimidated by Bellana?
The proposed Cabinet Reshuffle is set to be held on January 12, 2022, sources closer to the government divulged.
By doing so, the Ministry of Highways vested in Ruling Party Chief Whip Johnston Fernando will be pinned to Sports and Youth Affairs Minister Namala Rajapaksa, they added.
The State Ministry of Sports, Youth Affairs and Cultural Affairs is likely to be vested in MP Jayantha Ketagoda, sources further claimed.
Several other ministries will be vested in Prasanna Ranatunga, who currently serves as the Minister of Investment Promotion and Tourism, making him the Cabinet figure to hold the highest number of ministries, according to the sources.
Meanwhile, a proposition to appoint Nimal Lanza in a Cabinet Ministry is yet to be met with a final decision.
The above adjustments are of the current condition of the proposed Cabinet Reshuffle, which, nevertheless, could be meeting changes in the final moment, the sources further revealed.
Long queues were seen near Jubili Kanuwa, Mirihana area for milk powder despite the Police directive not to.
On an earlier occasion, the Mirihana Police had informed the milk shop owner to follow the number system or other suitable procedure preventing the queuing of people, following the instructions by President Gotabaya Rajapaksa.
However, the directive has been disregarded amidst the severe shortage of milk powder in the market, demonstrating the desperation of the people.
