All Bhutanese with businesses that have the potential to increase exports and reduce imports are eligible for the Nu 15bn Economic Stimulus Programme. During the recent Meet the Press, Finance Minister Lekey Dorji said that the government has established an ESP Secretariat under the Prime Minister’s Office, with the prime minister serving as the chairperson of the ESP Steering Committee. The committee will review applications for the ESP fund.
The Nu 15bn Economic Stimulus Programme was part of the government’s election campaign to revive the country’s COVID-19 pandemic-affected economy.
The Indian government, which is fully funding the programme, recently released the first portion of Nu 2.5bn.
Speaking to the media, Lekey Dorji, the Finance Minister said that it is important to increase exports and substitute import products through domestic production.
“We will achieve the macroeconomic framework goals through the economic stimulus programme by enhancing domestic products, creating more employment opportunities, improving foreign exchange reserves, increasing tourist arrivals to about 300,000, and encouraging the establishment of businesses like cottage and small industries to enhance our ability to produce within the country.”
The minister also added that to generate employment, money will be allocated to national skilling programmes. Additionally, the ESP funds will be used to increase liquidity in financial institutions.
“Equal ESP funds for loan will be released to all financial institutions, both banking and non-banking. The most important thing is that, based on our experience, once the funds are released, the beneficiary projects need to be monitored and evaluated for outcomes. Therefore, the ESP Secretariat and other ministries have to monitor this.”
He added that details about the application process will be available from the ESP Secretariat once the funds start to roll out.
Sherub Dorji