Launching the Economic Stimulus Plan (ESP) earlier, the Prime Minister, Dasho Tshering Tobgay, emphasized its critical importance for Bhutan’s economic recovery and development. During his speech, he expressed heartfelt gratitude to the Indian government for their indispensable support in making the ESP a reality.
During the launch the Prime Minister declared that the existing moratoriums on vehicle imports and housing loans would soon be lifted. He noted that the Royal Monetary Authority (RMA) would be responsible for establishing the guidelines and standards for availing these loans, ensuring a structured and sustainable approach.
We extend our gratitude to the vehicle dealers for their patience and understanding during the period of the import moratorium. Despite the potential impact on their businesses, they demonstrated commendable restraint and solidarity with national interests. Additionally, we convey our appreciation to those citizens who had plans to build their own homes but could not proceed due to the freeze on housing loans. Their willingness to defer personal ambitions for the greater good of the nation is a testament to the strength and resilience of the Bhutanese people.
There are questions asked, especially on challenges that the ESP Secretariat would face in drafting their rules of engagement. Similarly, the RMA will need to come out with another paper.
I can justifiably say that hundreds of Bhutanese, young and old, from different rungs of the society are waiting with project proposals. They did not make the proposal yesterday. They did it months back believing that the government formed would support them.
“The ESP will revive key economic sectors, create jobs, and improve the overall economic health including liquidity and international reserves.” And with Nu 2.5 billion in the kitty, additional works need to be done. As the Economic Stimulus Plan (ESP) takes effect, the government must be steadfast in its commitment to fostering an environment where both economic stability and individual aspirations can flourish in harmony. This strategic approach should aim to ensure that the benefits of economic growth are widely distributed, reaching every corner of the nation and touching the lives of all citizens. It is by balancing robust economic policies with the needs and dreams of individuals, that we can build our future – where prosperity and resilience are not just goals, but lived realities.
To achieve this, we will see the government implement several key and diverse initiatives, ranging from support for small and medium-sized enterprises (SMEs), to startups. Businesses will avail access to credit, training, and market opportunities. The government also aims to stimulate job creation, innovation, and sustainable economic growth.
Thus, there is a lot to do – not just the government and the ESP Secretariat, but all Bhutanese who can contribute to nation building. And the gates are open.
