Nepal | August 06, 2020

Financial institutions, banks urged not to pile pressure for loan payment

Himalayan News Service
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Western Regional Hotel Association, Pokhara, has urged banks and financial institutions not to pile pressure for loan payment.

Banks and financial institutions are pressing hotels and the tourism sector to pay back the loan and interest, on the ground that the fiscal year was drawing to a close, but as the entire tourism sector is going through a hard time now, we request banks and financial institutions to understand the situation and stop pressuring entrepreneurs, read a statement issued by the association’s Chairperson Bikal Tulachan.

“As no one is in a position to pay back loans, the pressure from banks and financial institutions for loan payment will only create a difficult situation. If that happens, it will be banks and financial institutions which will be responsible,” read the statement.

Similarly, the association has also expressed grave concern about the delay from Nepal Rastra Bank to issue reloan-related procedures.

“The procedures and monetary policy should have been out by the end of the fiscal, but given whatever is happening, it seems the bank is preparing to bring them late, which is unfortunate,” said the association.

In view of the detrimental impact of the pandemic on the tourism sector, the World Tourism Organisation has recommended governments across the world to bring a special package to revive the tourism and hotel sectors.

A version of this article appears in e-paper on July 8, 2020, of The Himalayan Times.

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