The new government appears more encouraged by the way people expressed trust as it accelerates to design detail framework for its implementation. The ruling party, during the election campaigning, had announced Economic Stimulus Plan that will inject Nu 3 billion to reinvigorate national economy.
The party has now formed a task force to design the plan. The government also said the plan will be of Nu 5 billion instead of Nu 3 billion. The committee is mandated to finalise the plan in a week’s time. According to press release the task force shall propose arrangements to closely monitor its implementation, especially in the initial months.
One of the main priorities of the ESP is to find ways to inject sufficient liquidity into the banks to enable them to lend more, especially in the areas that are of concern for the economy and the nation. The ESP apart from providing some medium term solutions to the credit crunch and rupee crisis also takes care of subsidizing some key PDP pledges including those included in its first 100 days.
The draft Economic Stimulus Plan (ESP) for Nu. 5 billion has been prepared outside the 11th plan outlay to put the economy on a sustainable path over the medium-term. Of the total, Nu 4 billion will be injected into the banking system and Nu.1 billion for subsidies.
The task force comprise of Nim Dorji, Joint Secretary, Ministry of Finance; Sonam P Wangdi, Joint Secretary, MoEA; Pushpalal Chhetri, Deputy Governor, RMA; MP Tashi Wangyel, National Council of Bhutan; Tshering Gyeltshen, CEO, Bhutan Insurance Ltd.; Kunzang Dechen Dorji, Jajin Consultancy Services and Dechen Tshering, Hotel Taj Tashi
The party came up with the plan during the election prepared by MP Lekey Dorji who was speculated to be in the cabinet.