MATTA urges government to extend loan moratorium to another six months

By TIN Media | Tourism Malaysia Published 2 months ago on 15 July 2020
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KUALA LUMPUR:

The Malaysian Association of Tour and Travel Agents (MATTA) has urged the Government to extend the loan moratorium to another six months for the tourism industry, as the sector is one of the country's major providers of jobs and significant financial contributors.

In a statement, the tourism industry was the most badly affected by the outbreak, according to MATTA. Studies showed that it would only recover far less slowly from the current crisis than other sectors of the Malaysian economy.

In addition, Prime Minister Yassin Tan Sri Muhyiddin announced on 6 July that it will take four years for the tourism industry to recover.

"Since March 2020, many tourism players have been deprived of income. Being totally dependent on domestic tourism would not be enough to support associated businesses and individuals involved in this sector in the midst of recession and unemployment" said President of MATTA, Datuk Tan Kok Liang, President of MATTA.

He said that the inability of the industry to provide its loans was due to regulatory constraints and poor demand.

Tan also said a six-month extension to the moratorium should be provided because many borrowers who work in the hospitality and tourism industry currently have pay cuts, unpaid leave and some are even unemployed.

"A lot of people are unable to repay their loans in pressing conditions, and the unemployment rate is rising rapidly," he added.


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