The Opposition Party do not find the Economic Stimulus Programme or ESP relevant or necessary. During a press conference today, the Opposition Party said that the ESP, which the government introduced as a means to revive the country’s economy is not needed. The opposition shared that the Nu 15bn fund should instead be redirected for other purposes.
The Opposition Party said that they have been consistently reminding the government of the shortcomings of the Economic Stimulus Programme.
Additionally, the Opposition Party said that with financial risks outweighing the benefits, financial institutions were reluctant to participate in delivering the ESP.
Loday Tsheten, Gangzur_Minjey MP said “After the pandemic, thanks to His Majesty’s various initiatives, the economy recovered from a negative 10 per cent contraction to 4 per cent growth. Now, the RMA has projected that the economy will grow by 10 per cent. Considering this, we believe there is no need for another economic stimulus plan.
He added that the amount would instead be more useful in implementing the 13th Five-Year-Plan.
“Instead, we have suggested to the government that the 13th Five-Year-Plan, which has deficits in billions, could benefit from the Nu 15bn allocated for the ESP. This allocation could be used to address the deficits rather than resorting to borrowing.”
He added that people struggling desperately, such as those reportedly willing to sell their organs to repay loans as highlighted by the media, could be helped with the budget instead.
The Opposition Party remains concerned about the outcome of the Economic Stimulus Programme.
Gangzur_Minjey MP said “The Nu 15bn has not been used efficiently. I have no say on how it is stimulating the economy, but people are continuously facing challenges in accessing it. However, this does not mean that the government is not doing its job; rather, they are working to improve the system.”
More than Nu 280 M has been disbursed from the Economic Stimulus Programme fund as of last month.
Kinzang Lhadon
Edited by Yeshi Gyaltshen
