Pokhara tourism businessman announces not to pay installments in mid-October

POKHARA, Oct 15: Due to the corona virus infection, the tourism sector has been devastated for a long time, tourism businessmen have said that they are unable to pay the loans taken from banks and financial institutions and their interest due to the increase in business losses. The businessmen said that the government has not taken any steps to revive the tourism business, and the businessmen will not be able to pay the principal, interest and any other obligations due at mid October.

The Pokhara Tourism Council (PTC), the umbrella organization of Pokhara's tourism businessmen, published a statement on Thursday, stating that since the government has not provided any support for the corona-affected tourism sector, it has been mentioned that it will not be able to pay the loan installments and interest to banks and financial institutions by mid October.

Chairman of the council, Pomnarayan Shrestha, said that businessman not to pay the loan installments and interest by mid October, saying that the tourism sector has not been able to rise. "Instead, we are ready to take action, but we cannot pay the installments atmid October under any circumstances. We have said that we cannot pay for now, but we will pay later. We demand that more time should be given. Businessmen are ready if they have to take action in this situation," he said. He also said that if the government does not cooperate in the coming days and if the banks and financial institutions take action, the businessmen will go on strike.

Businessmen have agreed that banks and financial institutions will not increase the interest rate on deposits in October 18 to November 16, but they have not taken any initiative to reduce it. Similarly, after the first wave of Corona, the bank has kept up to 10% of the additional loan disbursed for businessmen to match the loans, so the businessmen are also demanding that the loan period should be extended by one more year to repay the businessmen.

Similarly, the businessmen have also demanded that the duration of facilities such as loan repayment fund, renewal and business continuity fund brought by the government last year should be at least three years. There is a demand of the tourism businessmen to provide this facility to the businessmen who are deprived of this facility in this financial year.

Due to the impact of the corona virus on the tourism business, the businessmen who have taken loans from banks and financial institutions are not able to settle any kind of obligations at the end of the quarter of mid-October.

Apart from that, businessmen complain that while the price of fuel is falling in the international market, the arrival of tourists in Nepal has become more expensive. Businessmen have been saying that fuel prices should be reduced immediately to revive tourism. According to businessmen, there is a need to adjust the prices as the air fares have become more expensive if the fuel prices do not decrease. When fuel prices are high, domestic and international air fares have become expensive. Due to this, the tourists who want to come to Nepal have been diverted to other countries," said Council Chairman Shrestha, "If the air fare is cheaper, the arrival of guests will increase. It gives relief in tourism.

Businessmen complain that financial institutions have pressured businessmen to pay installments of loans by showing the arrival of non-resident Nepalis, saying that tourists have entered Nepal. "Tourism business is open, but there is no income, there are no guests," said Shrastha, "Foreign guests have not come. Due to weather conditions, the movement of domestic guests has not been possible. Due to this, businessmen have not been able to earn income.