An Echelon Media Company
Tuesday November 29th, 2022

Karunaratne wants more Sri Lanka players to get overseas experience

AFP- Sri Lanka captain Dimuth Karunaratne has urged his country’s cricket chiefs to help more players enter overseas Twenty20 leagues to make up for the limitations of their domestic structure.
 
Sri Lanka have failed to replicate their 1996 World Cup triumph in the current tournament, with the retirements of Mahela Jayawardene and Kumar Sangakkara leaving them short of top-class talent.
 
Sri Lanka, who are already out of the race to reach the semi-finals, take on India in their final group game at Headingley on Saturday.
 
And Karunaratne said exposing Sri Lankan talent to international tournaments like the Indian Premier League (IPL) and Australia’s Big Bash is the best way to broaden their limited-overs experience.
 
"In Sri Lanka we have one domestic season. The players have only one chance to showcase their talent in a particular domestic season and we can identify players only that season," Karunaratne told reporters on Friday.
 
"We have to close that gap (between domestic and international cricket). We have to give a chance to the players to play in IPL, Big Bash or county cricket.
 
"We have to give them permission to play in overseas tournament to gain experience and come back. Those are the things I’m expecting from the cricket board after this World Cup."
 
Sri Lanka’s veteran paceman Lasith Malinga has been part T20 leagues across the globe, recently winning the IPL title with Mumbai Indians.
 
Karunaratne’s team revived their flagging World Cup campaign by upsetting hosts England, but they soon suffered a loss to South Africa that shattered their last four hopes.
 
Karunaratne though has still taken out positives from the campaign as he singled out Avishka Fernando as a future star.  
 
"Avishka Fernando is doing really good. In the last three games, he showed that he can produce some runs for Sri Lanka and he is one of the future stars," he said.
 
"If you take the bowling line-up they did really well, especially (Lasith) Malinga and Nuwan Pradeep. Those are the positive points from this World Cup."
 
Fernando, 21, hit his maiden international century in the team’s third win of the tournament against the West Indies on Monday, but that was not enough to make the semi-final cut.
 
Karunaratne, who was appointed captain just ahead of the World Cup after being out of the ODI side since the 2015 edition, said the country’s cricket bosses are keen to start building a squad for the 2023 tournament.
 
"After 2015 we started to build the World Cup side but unfortunately the players who came in couldn’t perform. We had to change a lot of players," he said.
 
"After this World Cup we are trying to have a special plan and identify the players who can give a good performance. We are trying to make a solid 15 players for the next World Cup."

Leave a Comment

Your email address will not be published. Required fields are marked *

Leave a Comment

Leave a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

A new Sri Lanka monetary law may have prevented 2019 tax cuts?

ECONOMYNEXT – A new monetary law planned in 2019, if it had been enacted may have prevented the steep tax cuts made in that year which was followed by unprecedented money printing, ex-Central Bank Governor Indrajit Coomaraswamy said.

The bill for the central bank law was ready in 2019 but the then administration ran out of parliamentary time to enact it, he said.

Economists backing the new administration slashed taxes in December 2019 and placed price controls on Treasuries auctions bought new and maturing securities, claiming that there was a ‘persistent output gap’.

Coomaraswamy said he keeps wondering whether “someone sitting in the Treasury would have implemented those tax cuts” if the law had been enacted.

“We would never know,” he told an investor forum organized by CT CLSA Securities, a Colombo-based brokerage.

The new law however will sill allow open market operations under a highly discretionary ‘flexible’ inflation targeting regime.

A reserve collecting central bank which injects money to push down interest rates as domestic credit recovers triggers forex shortages.

The currency is then depreciated to cover the policy error through what is known as a ‘flexible exchange rate’ which is neither a clean float nor a hard peg.

From 2015 to 2019 two currency crises were triggered mainly through open market operations amid public opposition to direct purchases of Treasury bills, analysts have shown.

Sri Lanka’s central bank generally triggers currency crises in the second or third year of the credit cycle by purchasing maturing bills from existing holders (monetizing the gross financing requirement) as private loan demand pick up and not necessarily to monetize current year deficits, critics have pointed out.

Past deficits can be monetized as long as open market operations are permitted through outright purchases of bill in the hands of banks and other holders.

In Latin America central banks trigger currency crises mainly by their failure to roll-over sterilization securities. (Colombo/Nov29/2022)

Continue Reading

Sri Lanka cabinet clears CEB re-structure proposal: Minister

ECONOMYNEXT – Sri Lanka’s cabinet has cleared proposals by a committee to re-structure state-run Ceylon Electricity Board, Power and Energy Minister Kanchana Wijeskera said.

“Cabinet approval was granted today to the recommendations proposed by the committee on Restructuring CEB,” he said in a twitter.com message.

“The Electricity Reforms Bill will be drafted within a month to begin the unbundling process of CEB & work on a rapid timeline to get the approval of the Parliament needed.”

Sri Lanka’s Ceylon Electricity Board finances had been hit by failure to operate cost reflective tariffs and there are capacity shortfalls due to failure to implement planned generators in time. (Colombo/Nov28/2022)

Continue Reading

Sri Lanka new CB law to cabinet soon as IMF prior action

ECONOMYNEXT – Sri Lanka’s new central bank law will be submitted to the cabinet as a prior action of International Monetary Fund with clauses to improve governance and legalize ‘flexible’ inflation targeting, Central Bank Governor Nandalal Weerasinghe said.

Under the new law members of the monetary board will be appointed by the country’s Constitutional Council replacing the current system of the Finance Minister making appointments.

“It will be a bipartisan approach,” Governor Weerasinghe told an investor forum organized by CT CLSA Securities, Colombo-based brokerage.

“The central bank’s ability to finance the budget deficit will be taken out. Thirdly the flexible inflation targeting regime will be recognized in the law as the framework.”

The law will also make macro-prudential surveillance formally under the bank.

There will be two governing boards, one for the management of the agency and one to conduct monetary policy.

Continue Reading