Thailand tourism bail-out "not enough"
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The THB5 billion (US$140 million) fund for Thailand’s tourism operators is not enough for them to all survive the current downturn, the country’s Tourism and Sports Minister, Chumpol Silpa-archa, has said.
The Bangkok Post reported that the financial support programme, officially launched this week and running until 30 April, is likely to see greater than expected demand, and that the fund may be extended.
“The requests for loans during the 1.5-month period will exceed THB5 billion for sure. If demand is excessive, we will go forward with the second fund,” Chumpol was quoted saying.
The Federation of Thai Tourism Associations has reportedly predicted that at least 450 tour operators would seek financial help worth at least THB1.8 billion. That will be in addition to over 1,000 restaurant operators (THB500 million) and small hotel operators (THB2 billion).
The funds will be in the form of soft loans, offered at an interest rate of 2% in the first two years.
Meanwhile Prakit Chinamourphong, President of the Thai Hotels Association, has was reported saying that he plans to ask for financial aid to help larger hotels, which are facing similar difficulties.
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