Financial institutions should help the beleaguered tourism industry by alleviating operators’ debt service burden for three years and encouraging businesses to maximise capability for a future revival, says a former tourism and sports minister.
“If we believe Thai tourism still has a future, such a policy is essential,” said senator Weerasak Kowsurat. “We hope that once the crisis subsides, we will have a firm industry awaiting a new wave of arrivals.”
He said a problem occurs when banks have to implement strict financial discipline and avoid non-performing loans to preserve liquidity, while the vast majority of tourism operators lack reliable credit or assets as collateral.
To offer this type of loan, banks don’t have to reduce inter…