Goverment to provide concessional loan for severely affected tourism industry

The government has decided to introduce concessional loan to help the tourism sector revive from the loss caused by COVID-19 pandemic, said Maha Prasad Adhikari, Governor of Nepal Rastra Bank (NRB), while making the nation’s monetary policy public today.

Adhikari said that the loan would be provided to airline services, hotel, restaurants and other businesses in the tourism sector.

Likewise, the monetary policy has mentioned that the tax dues of the tourism industry till the end of Fiscal Year 2019/20 could be cleared by December, 2020.

Also, those businesses, which have been extensively affected by the pandemic, could clear their tax dues by the end of Fiscal Year 2020/21.

Meanwhile, according to RSS, Governor Adhikari has said that the monetary policy of FY 2020/21 was focused on minimising the effects of COVID-19 pandemic on the economic regime of the nation.

The government has aimed to gain seven per cent financial growth in the FY 2020/21. The monetary policy has incorporated some issues to fulfill the target.

The policy stresses on investing on agriculture, energy, small and minimum enterprises to recover the loss caused by the pandemic.

The policy also aims to move Agriculture Development Bank as the leading bank for the development of agricultural sector.

The banks and financial institutions will also be motivated to invest on agriculture sector, said Governor Adhikari.