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Malaysia travel agents want tourism loan moratorium extended
The Malaysian Association of Tour and Travel Agents (Matta) is calling for an extension to the tourism industry loan repayment moratorium.
Matta wants an extension of another six months to help industry members navigate the Covid-19 pandemic.
The sector will take longer to recover than other industries, Matta says.
"Many tourism players have been deprived of income since March. Against a backdrop of recession and unemployment, being wholly dependent on domestic tourism will not be sufficient," said Matta president Tan Kok Liang.
"Many do not have the ability to repay their loans under current pressing circumstances, and the rate of unemployment is rapidly increasing," he said.
Bank Negara Malaysia granted a six-month repayment holiday from the start of April but Matta says this will not be long enough.
The Malaysia tourism ministry expects about one million tourism workers will lose their jobs this year and industry losses will be as high as RM45 billion.
Tan said many small tourism businesses have had no income since March, and domestic tourism only will not be enough to sustain them.
"Many tourism businesses derive a large portion of their earnings from international tourists; how are they to survive if borders stay closed?"
by Ray Montgomery, Asia editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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