Tourism industry participants in Sri Lanka yesterday issued a warning that further collapse of the sector is likely if appropriate authorities continue to put off extending the necessary intervention.
The Sri Lanka Association of Inbound Tour Operators (SLAITO), the Association of Small and Medium Enterprises (ASMET), and the Hotels Association of Sri Lanka (THASL) all reaffirmed the need for the Central Bank to implement the Cabinet decision to give the industry some leeway with loan repayments.
The representatives claimed that the industry will suffer additional losses the longer the Central Bank delays in facilitating this.
Stopping operations in the tourism industry would result in a loss of foreign exchange profits, which the economy desperately needs to recover from the current crisis.
The Central Bank has yet to execute the appropriate actions to offer the relief, despite the fact that it has been 20 days since the decision was made.