Debt moratorium further extended

For COVID-19 affected business and individuals in tourism sector

Business
By Editor_1
-travelandtourworld.com
0

COLOMBO – Sri Lanka’s Central Bank has requested licensed banks to extend a debt moratorium provided  to COVID-19 affected businesses and individuals in the tourism sector for a further six months, effective October 1, 2020 to March 31, 2021.

The Central Bank, in a circular dated August 26, has observed that the proposed debt moratorium may not cause an undue level of stress or threaten the stability of the banking system considering the lower level of exposure to the tourism sector by licensed banks, the capital buffers maintained by licensed banks and measures proposed by the Ministry of Tourism to revive the tourism industry.

It said the circular had been issued to give effect to the debt moratorium in a consistent manner across all licensed banks. However, the Central Bank has said licensed banks may offer any additional concessions to borrowers in a way that the overall benefits to borrowers are not less than the benefits offered under its circular.

A debt moratorium on capital and interest for the tourism sector, initiated in April 2019 in the wake of the Easter Sunday attacks, was set to expire on September 30.

The Central Bank initiation follows representations made by the Ministry of Tourism in light of the ongoing effects of the pandemic on tourism-related businesses.

Tourism industry stakeholders, including The Hotels Association of Sri Lanka (THASL) and Colombo City Hotels Association (CCHA), have welcomed the moratorium extension, citing difficulties faced in the wake of the 2019 Easter attacks and the pandemic.

Sri Lanka’s international airports remain closed to foreign tourists, with zero arrivals recorded since May, as the government continues to keep a tight lid in order to eradicate the pandemic.

-ENCL

Editor_1
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