The Malta Hotels and Restaurants Association (MHRA) said that over the past days they have called upon the main banks to extend a moratorium on loan repayments to the Tourism and Hospitality industry, in light of the COVID 19 global outbreak.
MHRA announced that BOV and HSBC have in principle agreed to provide general support and consideration towards any areas which main be impacted by exceptional adverse circumstances.
According to the association, the banks have pledged to work constructively with each client to agree on any appropriate support arrangements, given that specific clients may require different responses.
MHRA stated that the situation has complicated itself since Italy has been on lockdown and this is creating a strong negative impact on the tourism and hospitality sector.
In a press statement, the association said that a meeting was held with the Minister of Tourism and Consumer Protection, Julia Farrugia Portelli and with MTA officials to discuss the severity of this crisis which was made very clear to the Tourism Minister.
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