The President of the People’s Democratic Party (PDP) shared their Economic Stimulus Plan (ESP) in Monggar, today. The plan came into being after analysis of the country’s economic situation, said the President.
PDP’s Economic Development Task Force has provided recommendations in four areas. These include injecting an economic stimulus, addressing the ongoing rupee shortage, considering BCCI’s Excise duty recommendations, and establishing a loan commission.
“The most serious problem faced by small businesses, contractors, traders, shopkeepers and common people is non-availability of loans from financial institutions. Most loans have been stopped because of the liquidity crunch in the market. Many small businesses are on the verge of closing down.” Tshering Tobgay said small contractors are facing working capital problems, film producers have no money for new films, potential entrepreneurs have no money to start new businesses, and many building constructions have not been completed.
To address these issues, PDP President, Tshering Tobgay, said PDP will provide banks with fresh capital of at least Nu.3 billion within the first three months of forming the government. Tshering Tobgay also said PDP will restart the lottery business to address the rupee problem in the country within the same time frame.
“Within the first months in office, the PDP government will establish a special task force, comprising of eminent economists and professionals from both within and outside Bhutan to develop a long-term strategy and action plan to deal with the rupee shortage.”
The President also highlighted reduction in wasteful government spending, tax rebates for small and medium enterprises, and assured required fiscal policy changes.
