Contractors working on government projects can expect to receive their payments on time. The financial institutions introduced a new service, the Bill Discounting Facility today. This service is designed to expedite payments to contractors who usually experience delays in receiving payment upon completion of their work due to prolonged processes. However, with this facility, contractors will be able to present their bills to the banks and receive immediate payment. The government will, later, reimburse the bank directly. For now, the service is only available to contractors working on government projects.
Our reporter Deki Lhazom met with Dorji Kadin, the President of the Financial Institutions Association of Bhutan to talk more on the new service.
