GOJ Looking At Contingency Plan For Tourism Sector

• The Government is looking to develop a contingency plan designed to pilot the tourism industry’s recovery from the economic fallout sparked by the COVID-19 pandemic.
• Tourism Minister, Hon. Edmund Bartlett said that this is in recognition that some of the partners and stakeholders in the sector are experiencing some “cash crunch difficulties” as a result of COVID-19.
• He said the plan is intended to facilitate the provision of or access to funding “should there be any systemic COVID-19-related issues with their financial arrangements”.
• This is being mapped out in tandem with players in the private sector and capital markets. The minister also noted that several financial institutions transacting business with stakeholders experiencing challenges have been “very responsive” to their plight.
• As institutions in the capital markets, such as NCB Capital Markets, develop creative financing solutions for those cash-strapped companies in the tourism industry, investors will also get access to a more diverse pool of assets that will yield higher returns relative to traditional investments.

(Source: JIS & NCBCM Research)