The negative impacts of the Covid-19 lock-down have caused many hotels in Koh Samui to be severely financially struggling. Especially after the government ordered hotels to close their doors on April 7 to control the disease, leaving tourism on the island to die out.
In addition, when their hotels were temporarily closed, the owners had no income but had to pay wages and other costs. In some cases for months, some hoteliers have been unable to receive unpaid fees from major tour operators.
Worasit Pongkampan, president of the Koh Samui Tourism Association, said owners of almost 100 local hotels announced plans to sell their hotels due to the sudden stop of cash flow and the banks are also not willing to lend to them.
It is difficult to try banks’ soft loans to retain their liquidity due to the circumstances. Mr. Worasit said he wanted the government to offer soft loans to hoteliers immediately. Especially because hoteliers are in deep financial difficulties before it’s too late.
“The impacts happen not only on Koh Samui but also nationwide, “said Mr Worasit.
Thailand’s government promises transparency in a package of $58B stimulus
The Thai government unanimously approved a US $58 billion (1,8 trillion baht) stimulus package after administration officials promised transparency. The stimulus package is designed to resurrect an economy that has first been expected to contract since 2009. Especially because of coronavirus pandemic ripple effects.
The 250-seat House voted in favour of the government’s counter Covid-19 decision except for a handful of abstentions. This must be submitted to the Constitutional Court until it can be accepted by the King. The action followed the previous Central Bank ‘s prediction that Thailand’s economy could decline by 5.3 percent this year.
The Senate spent two days debating after the lower house accepted the packets. In addition, Prime Minister Prayut Chan-o-cha’s administration is seeking assurance that there will be accountability in the spending process.
SOURCE: Chiang Rai Times
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