Cabinet approves expanding “relief package” to upgrade affected tourism industry

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The Cabinet of Ministers has granted the approval to further expand the relief packages provided for upgrading the tourism industry in the country that was affected by the terrorist attacks on Easter Sunday.

The proposal relevant to this was presented to the Cabinet by the Minister of Finance Mangala Samaraweera.

Accordingly, the Finance Minister has proposed a grace period up to 31st March 2020 to be granted for the Working Capital Loan Scheme, which was introduced for institutions and individuals engaged in tourism, and the coverage of the Debt Securities Fund will be expanded.

In addition, a two-month grace period up to 30th June 2019 will be provided to passenger bus owners.

The Working Capital Loan Scheme introduced for travel agencies and individuals will also be introduced to music bands, while ‘Sancharaka Poddo’ concessionary loan scheme will be implemented through Regional Development Banks to provide financial assistance required by small-scale informal sector persons and institutions engaged in tourism-related businesses.