After almost a year of waiting, the financial institutions in the country finally received funds as part of the Economic Stimulus Plan (ESP), today. The Finance Minister, Namgay Dorji, handed over the cheques to the different financial institutions in Bhutan.
A total of Nu. 2.1 Billion was injected into the financial institutions. The banks are expected to start lending money to the private sector.
A major chunk of the money is going to the Bhutan National Bank and the Bank of Bhutan. They received Nu. 500 million each.
The Finance Minister said the Economic Stimulus Plan alone wouldn’t solve the problem. He said that ESP was just to kick start the economy.
The second phase of the ESP will see the Business Opportunity and Information center receiving Nu. 1.9 billion.
So far, Bhutan has received Nu. 3.7 billion of the Nu. 5 billion the government of India has committed towards ESP.
