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FSP opposes move to make Central Bank of Sri Lanka independent of Parliament

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The Frontline Socialist Party says that the Central Bank of Sri Lanka Bill, if passed, would enable President Ranil Wickremesinghe to come to Parliament one day and state that there had been no Central Bank robbery for there had been no Central Bank to be robbed.

Addressing the media at the party headquarters, in Nuegegoda, FSP Educational Secretary, Pubudu Jagoda, said that the new legislation would deprive Parliament of power over the Central Bank. “This Bill contains provisions to do away with the Parliament’s powers of controlling the Central Bank. Parliament has the supreme control over public finance. It will hand the Central Bank’s autonomy to a few officials,” Jagoda said. “This Bill contains nothing but realisation of the general concept of an Independent Central Bank (ICB) promoted across the world by neo-classical economists and institutions such as the IMF. ICBs are fundamentally antithetical to democracy. The Parliament of elected representatives will lose their power to stop if an ICB oversteps its regulations. Parliament cannot make an ICB accountable. This has been tried and failed in many parts of the world. What happened in Latvia recently exemplifies ICB well. The Latvian Central Bank Governor was accused of bribery and money laundering. The Latvian Parliament voted 55 to 0 against him. However, when he was barred, the European Union stated that it was against the EU law because the Latvian Central Bank was an ‘independent’ institution.

Jagoda said that the US Parliament had been able to nothing when the Federal Reserve bank took away 4.7 trillion dollars from public funds meant for people’s welfare and deposited them in bank accounts of the super-rich.

“Years ago, all the countries had national central banks. It was noticed that there were a hindrance to the global money circulation because the banks were guided by the interests of their countries. Then came a concept proposing to make these banks independent. This independence is given by removing all the rights of the electives of people to intervene in the central bank. The new law will rescind Parliament’s power to appoint top officials of the Central Bank. As of now, Parliament can summon Central Bank officials and question them. This would not be possible if the Central Bank of Sri Lanka Bill is passed. This would surely end the Central Bank’s national role. After the bank is done away with, President Ranil Wickremesinghe could come to Parliament and state that he did not rob the Central bank as there was no Central Bank to be robbed,” Jagoda said.



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High Commissioner of New Zealand to Sri Lanka meets with the Chair of the Women Parliamentarians’ Caucus in Parliament & Secretary-General of Parliament

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Michael Appelton, High Commissioner of New Zealand to Sri Lanka, accompanied by Andrew Traveller, Deputy High Commissioner, met with the Chair of the Women Parliamentarians’ Caucus in Parliament, Dr. Sudarshini Fernandopulle MP, and Secretary-General of Parliament, Kushani Rohanadeera, recently.

During the meeting, the Ambassador emphasized that gender equality in politics is vital for the achievement of peaceful societies, the realization of full human potential, and sustainable development. He also stated that they have taken several initiatives to ensure equal women’s participation in the New Zealand Parliament.

Dr. Fernandopulle, MP, shared her concerns regarding the lack of gender sensitivity in Sri Lankan politics. She drew attention to the urgent need for a more inclusive political framework that ensures equal representation and participation for women.

The Secretary-General of Parliament affirmed that Parliament has taken actions to increase youth and women’s representation in committees and is currently working on improving disability access to Parliament.

 

 

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Climate Change University to be launched next year

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At the briefing on the progress of Climate Change and Green Growth held on Wednesday (31) at the Presidential Secretariat in Colombo between President Ranil Wickremesinghe and officials of the Climate Change Secretariat led by President’s Adviser on Climate Change  Ruwan Wijewardene it was revealed that the Climate Change University would be launched next year and that the University Grants Commission had  identified approximately 130 scientists who have gained international recognition for their research on climate change who, together with their international affiliations would be brought together as part of the initiative.

President Wickremesinghe expressing  his perspective on the International Climate Change University, emphasized that it should be a post-graduate institution solely focused on research which does not offer undergraduate courses. Any country or organization that contributes to the university becomes a stakeholder and gains membership on the Board of Governance. The Korean Exim Bank has expressed interest in partnering with the university and  negotiations between Sri Lanka and the Korea Exim Bank, led by the External Resource Department have concluded successfully. The President said that prestigious institutions like Harvard and MIT have also expressed interest in collaboration.

The discussions also revolved around inviting a group of international experts from the Bill and Melinda Gates Foundation, tentatively scheduled for July/August to engage in policy conversations, addressing global issues, and exploring potential research projects that could be derived from these policy dialogues.

President Wickremesinghe emphasized that all future research in the field of climate change should be conducted at this institution.

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IUSF threatens showdown

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By Pradeep Prasanna Samarakoon

The university system is facing a grave crisis as around 40 percent of the lecturers have left the state education system, says the Convenor of the Inter University Students Federation (IUSF) Madushan Chandrajith.

Chandrajith said the ‘exodus’ of top academics would lead to a massive drop in the quality of education as most of those who have left are among the cream of scholars.Chandrajith said that about one-third of students in state universities, eligible for hostel facilities, did not have access to them.He warned that the IUSF will organise massive protests, in the coming weeks, if steps are not taken to resolve the many issues in the University system.

While the Mahapola scholarship has not been increased, the prices of food in the hostels have risen dramatically, he said.

“About 2,500 students in Kelaniya, 4,000 students in Rajarata and 6,000 in Peradeniya do not have hostel accommodation,” he went on to say..According to Chandrajith, a student needs about Rs 20,000 a month to meet basic needs.

“One requires about Rs 12,000 a month for food alone,” he said.

A senior official at the Ministry of Public Administration told The Island that some lecturers and doctors had a 100 percent attendance record but they avoided work.

“They are responsible for the attendance registry and they cook up the books to have full attendance. They take a lot of OT payments by doing this. We are looking at introducing a digital mechanism to mark attendance at universities and hospitals,” he said.

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