Sri Lanka approves relief package to revive tourism industry
Although there is a long road ahead before Sri Lanka’s tourism industry recovers, at least tourism businesses will get some short-term relief.
Sri Lanka’s government approved a relief package including tax concessions, a one-yaer debt moratorium and working capital loans.
"The Central Bank is now in the process of issuing circulars in this regard to banks," State Minister for Finance Eran Wickramaratne said during a media briefing.
‘Enterprise Sri Lanka’ tourism loans will be interest free and working capital loans would also be provided with a two-year repayment term.
"The interest will be at 3.4% as the government is giving a 75 percent interest subsidy," Wickramaratne said.
The minister also announced that VAT will drop to 5% from the current 15% for registered hotels and tour operators for a year.
The government said more than 15 billion rupees had already handed out for tourism development projects.
The government expects a long hard road to recovery following the deadly Easter Sunday attacks which could last up to two years before the industry gets back on its feet to pre-bombing levels.
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.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Singapore to forbid entry to undesirable travelers with new no-boarding directive
Euromonitor International unveils world’s top 100 city destinations for 2025