Business
‘Ground realities should correspond to President’s words’
The National Peace Council called on the government to restore political stability.
“The immediate need is to restore political stability. The route to follow is not Emergency rule, by cracking down on the protesters and their leaders, but to find ways and means of engaging with them in a nonviolent manner and address the root causes that brought tens of thousands of citizens, young and old, to the streets, countrywide,” the NPC said in a statement.
It said: President Ranil Wickremesinghe’s inaugural address to Parliament set forth a vision of good governance and civility that would stand among the most outstanding in the world. His speech comes at a time when several leaders of the protest movement, and youth activists, have been arrested for having violated the law during the public protests that led to the resignations of the former President Prime Minister and Cabinet of Ministers of the country.
The National Peace Council congratulates the President on his assumption of office and pledges our support to make his vision a reality. We see the government, headed by the President, is taking forward several new initiatives to improve the current situation. The system change, the protest movement and youth of the country are seeking, is a transformation of the existing structures, both within and outside the current Parliament, which contributed to the collapse of the economic fabric of the country.
We have five specific requests to make of the President at this time.
1. The Cabinet has approved the proposed 22nd Amendment to strengthen the system of checks and balances. Three of the 10-member Constitutional Council will represent civil society. However, the discretion is given to the Speaker to pick them, which makes it likely that the choice will be in favour of the government. Therefore, we call for the civil society representatives to be appointed as in the 19th Amendment by both the Prime Minister and Opposition Leader together.
2. In his inaugural address, which was welcomed by many for its content and delivery, the President repeated his call for an all-party government. Earlier he had written to all parliamentarians regarding this. We urge the President to establish the all-party government in a manner that would give equal weight to each of the political parties in Parliament, irrespective of their size or numbers. The Cabinet needs to be established in such a manner that each party feels that they have a say in the governance, otherwise it will be a show only.
3. The significant role that the protest movement has made to the rise of the President to his present position has been recognided by the President who has offered them places in the national policy council, which is yet to be established. Additionally, we call for representation of members of the protest movement in the all-party government.
4. We urge the President to recognise the exceptional nature of the public protests that included youth, entire families and spanned the communities as the President noted in his inaugural address. We call on him to grant a blanket amnesty/pardon to those currently being held in custody or being subjected to legal action. Being magnanimous towards the youth and others who contributed to ushering in the change of political leadership needs to be done without resorting to Emergency rule.
5. The economic difficulties, the country is going through and its present inability to earn more than it spends, will require significant restructuring of the economy and livelihoods and living standards of the people. This will require a government that has the people’s backing and a fresh mandate. We call for elections to be held, within a time frame of a year, and that the long-postponed provincial elections, which are especially important to the minority communities, should also be held.
Unfortunately, the spate of arrests of leading members of the protest movement have cast a pall of gloom over the country which the President’s inaugural address can dispel if words are the precursor to change on the ground. It is essential that they do or else the hope of political stability and getting out of national economic distress will prove to be elusive.
The immediate need is to restore political stability. The route to follow is not Emergency rule by cracking down on the protesters and their leaders but to find ways and means of engaging with them in a nonviolent manner and address the root causes that brought tens of thousands of citizens young and old to the streets countrywide. The legitimate demands of people who have seen their living standards crash in a matter of months should be addressed through dialogue with them and not by assuming Emergency powers and engaging in witch hunts to silence the dissenting voices.
The National Peace Council is an independent and non partisan organization that works towards a negotiated political solution to the ethnic conflict in Sri Lanka. It has a vision of a peaceful and prosperous Sri Lanka in which the freedom, human rights and democratic rights of all the communities are respected. The policy of the National Peace Council is determined by its Governing Council of 20 members who are drawn from diverse walks of life and belong to all the main ethnic and religious communities in the country.
Sri Lanka’s Central Bank Governor, Dr. Nandalal Weerasinghe, has underscored the critical role of sovereign credit rating agencies in helping debt-distressed nations smoothly transition out of default status after successful debt restructuring.
Speaking at the Global Sovereign Debt Roundtable (GSDR) in Washington DC on the sidelines of the IMF and World Bank Spring Meetings, Dr. Weerasinghe shared Sri Lanka’s ongoing debt restructuring experience.
He highlighted that while restructuring is a crucial step toward economic recovery, rating agencies must play a proactive role in reassessing countries’ creditworthiness fairly and promptly once restructuring is completed.
The GSDR, co-chaired by the IMF, World Bank, and G20 Presidency, serves as a key platform for debtor nations and creditors to address debt challenges.
Sri Lanka, a country which has undergone complex debt negotiations, has been an active participant in these discussions.
Governor Weerasinghe’s remarks come at a pivotal time, as Sri Lanka seeks to restore international investor confidence post-restructuring.
His call aligns with broader discussions at the GSDR on improving coordination between debtors, creditors, and financial institutions to ensure sustainable debt solutions, and help restore international investor confidence in countries such as Sri Lanka.
The roundtable also highlighted the newly introduced Sovereign Debt Restructuring Playbook, designed to guide countries through restructuring processes.
The Central Bank’s push for more responsive and supportive rating agency policies could set an important precedent for other debt-distressed economies as well.
Speaking at the GSDR, Treasury Secretary K M M Siriwardana acknowledged the International Monetary Fund (IMF) as instrumental in stabilising Sri Lanka’s crisis-hit economy, as the country prepares to receive its fifth IMF tranche of $344 million in the coming weeks.
Siriwardana reflected on Sri Lanka’s ‘extremely challenging journey’ since its 2022 economic collapse marked by severe shortages, public unrest, and a loss of confidence in governance.
“Seeking IMF support was a strength, not a weakness,” he asserted, crediting the Fund’s policy framework and technical assistance for reversing the economic freefall.
He highlighted over 200 IMF training programmes conducted to strengthen institutional capacity, stating, “The IMF laid the foundation for stability.”
Notably present at the discussion was Peter Brewer, the IMF’s former Senior Mission Chief for Sri Lanka, underscoring the close collaboration between Sri Lanka and the Fund.
Siriwardana traced the roots of the crisis to political instability between 2017–2019, the 2019 Easter attacks, and contentious tax policies, which collectively deepened Sri Lanka’s economic vulnerabilities. “Yet,” he noted, “Difficult reforms are now yielding positive results.”
By Sanath Nanayakkare
Calcey, a global software services provider, has achieved ISO 27001:2013 certification, the international benchmark for Information Security Management Systems (ISMS). This certification highlights Calcey’s strong measures in safeguarding client data and managing security risks.
The rigorous audit covered Calcey’s security protocols, risk management, and operational processes across its offices in Singapore, Sri Lanka, and the U.S.
Mangala Karunaratne, CEO of Calcey Technologies, stated that this milestone underscores their dedication to top-tier data security, reinforcing trust among clients in the U.S., Europe, and the Nordic regions.
The certification ensures compliance with global security standards, benefiting Calcey’s diverse clientele, from startups to large enterprises.
HNB Assurance PLC (HNBA) has been honored as a ‘Company with Great Managers’ for the third consecutive year at the prestigious Great Manager Awards 2024, organized by the Colombo Leadership Academy.
This year, seven distinguished HNBA managers received individual accolades for their outstanding leadership and contributions: Deepal Punchihewa (SBU Head), Rukshan Wijesinghe (Senior Manager – Underwriting, Group Life & DTA), Niranjan Croos (Senior Manager – Customer Experience), D. P. S. Anuranga Peiris (Software Architect), Asanka Gonagala (Manager – Alternate Channels), Vinu Jayasuriya (Senior Manager – Finance), Amaz Irshad (Senior Manager – Marketing, Digital & PR)
This recognition underscores HNBA’s robust leadership development framework and its commitment to fostering future-ready leaders who drive innovation and excellence across the organization.
Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, remarked:
“Great companies are built by great leaders. This third consecutive recognition reaffirms our investment in cultivating exceptional talent. I commend our award-winning managers for their dedication to inspiring teams and delivering outstanding results. My gratitude also extends to the Colombo Leadership Academy for this esteemed honor.”
Navin Rupasinghe, Head of Human Resources at HNB Assurance, added:
“At HNBA, we empower leaders to drive impact with purpose. This accolade reflects our strategic focus on talent development and fostering a growth mindset. Congratulations to our managers for exemplifying these values daily, and we thank the Colombo Leadership Academy for this recognition.”
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