CB extends tourism sector debt moratorium by 6 months

The Central Bank has extended the debt moratorium granted for tourism industry by another six months from 1 April.

The extension is granted to provide adequate time for borrowers to come up with proposals for a long-term arrangement, the Central Bank said yesterday, issuing a circular to all licensed commercial banks and licensed specialised banks to 

The extension was considered by the Central Bank after much lobbying by the stakeholders of tourism industry with a view to meet the challenges faced by the businesses and individuals engaged in sector, which was most-impacted by the COVID-19 pandemic.

Borrowers should now submit acceptable plans to licensed banks for restructuring of credit facilities over a long period of time, prior to the expiry of the extended moratorium period, and such plans will be assessed on a case-by-case basis by the banks. 

The move also follows the recent discussion Tourism Minister Prasanna Ranatunga had with Central Bank Governor Prof. W.D. Lakshman and top officials of the Central Bank last week (12).