Pakistan raises...

It delegated Noor Bank to manage the Sukuk bond in the Middle East. The bond issuance will offer some respite to an alarming balance of payment situation due to a widening current account deficit.

The current account deficit swelled to US$ 12.439 billion, equivalent to 4 percent of GDP, in fiscal year 2017, much above the 1.7 percent in fiscal 2016.

The state bank has projected a current account deficit of 4-5 percent of GDP for the current fiscal year.

Pakistan’s total foreign currency reserves stood at US$ 19.7 billion, with the State Bank of Pakistan holding US$13.5 billion and commercial banks US$6.169 billion as of Nov. 17. spanning over 100 countries,” he said.

Minister Amaratunga called on the institution to actively contribute to the national training efforts undertaken by tourism stakeholders. “I’m aware that this is already taking place but these efforts must be extended beyond the periphery and directed towards attracting the youth in rural areas that may otherwise be lost to the industry,” he said.

The Institute of Hospitality is a professional body for managers and aspiring managers working and studying in the hospitality, leisure and tourism industries. It has been playing an important role in Sri Lanka’s tourism landscape since the early ‘90s. Established in the 1930s in the UK, today the Institute of Hospitality has grown in to a global authority in the hospitality business and continues to play a leading role in Sri Lanka’s evolving tourism industry.

British High Commissioner James Dauris and Chairman of the Institute of Hospitality Sri Lanka Branch, Thusith Samarawickrema also spoke during the event.