November 30: Hotel Association Nepal (HAN) has expressed disappointment towards the first quarterly review of the monetary policy for the current fiscal year. According to HAN, the tourism professionals are not happy with the review as it does not address their problems.
HAN also drew the attention of the central bank that it had assured them of revising some provisions to make the tourism business easier but the promise has not been fulfilled.
According to the organization, the tourism and hoteliers affected by Covid-19 are protesting due to the high interest rates charged by banks and financial institutions. In this situation, HAN expressed its displeasure saying that even the basic demands of the hoteliers have not been fulfilled.
HAN issued a press statement on Tuesday and urged Nepal Rastra Bank to address the reasonable demands of tourism entrepreneurs and hoteliers. HAN said that Nepal will not be able to attract more investment in the future if the government fails to protect the hotel industry.
HAN also urged not to ignore the contribution of the hotel and tourism industry towards the economic growth. It said that the this sector has made significant contribution for job creation, foreign exchange earnings, and improving international relations.
Looking at the contribution made by this sector, HAN demanded flexibility in monetary and financial policy for business protection. HAN also requested that those who cannot pay the principal and interest within the deadline should be given more time.