Hotels Chief welcomes extension of debt moratorium but calls for more support to ward off crisis


The Hotels Association of Sri Lanka (THASL) yesterday thanked the Government for extending the moratorium for tourism-related loans for a further period of six months but appealed that more support is needed if the industry is to ward off the unprecedented crisis.

The moratorium's extension was part of the Central Bank’s financial relief for the heavily COVID-19-affected tourism industry.

Expressing his gratitude to the Government, THASL's President Sanath Ukwatte said: “We are thankful for the Government's and Central Bank's ongoing support to keep the tourism industry afloat during these unprecedented times. The moratoriums have provided tremendous and immediate relief for tourism stakeholders and helped the banking industry to regularise tourism related loans."

However, THASL emphasised that debt moratoriums themselves will be insufficient to address the crisis faced in tourism. A recent survey of hotel owners done by THASL revealed that 80% of owners believed that moratoriums alone will not be sufficient to overcome the unprecedented challenges faced by the industry.

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