Inbound tourism transport sector gets relief for leasing payments      

COVID-19 crisis- ridden Sri Lanka’s inbound tourism transport sector is to be relieved by Central Bank’s (CB) further relief measures to assist tourism-related businesses and individuals.

Issuing a circular the CB  requested all licensed commercial banks, licensed specialised banks, licensed finance companies and specialised leasing companies to provide relief measures to eligible borrowers if this sector which was on the  verge of collapse due to zero tourist arrivals during the past two months.

The Chauffeur Tourist Guide Lecturers’ Association of Sri Lanka (CTGLA) repeatedly appealed to authorities including the Finance Ministry to find them some redress as they cannot even pay their insurance premium of vehicles due to poor financial situation, Ranjith Sudasinghe, Vice President of the Association said.

Heeding to the request, the CB has directed financial institutions to extend the existing 6 months moratorium period granted to 12 months in respect of capital outstanding of leasing facilities granted to tourism related vehicles.

Financial institutions may recover interest during the moratorium period from eligible borrowers, in a manner that is not inconvenient to the borrower; CB informed them in a circular.

Financial institutions have also been directed to waive off the accrued penal interest in respect of leasing facilities granted to tourism related vehicles.

“Our association is a body of professionals trained and licensed by the Sri Lanka Tourism Development Authority and has been functioning for over two decades,” he said, adding that a vast majority of their members engage in providing their vehicles along with guide services to foreign tourists visiting our country.

The total investment by the chauffeur guides in providing these facilities had been nearly Rs.3 billion, he revealed. (BS)