[ad_1]
Thupten Sangpo
Economic stimulus package (ESP) is open to all Bhutanese with a genuine business proposal to create jobs, promote exports or replace imports products and contribute to import substitution.
Finance Minister Lekey Dorji said at a press conference yesterday that Bhutan has received the first instalment of Ngultrum 2.5 billion from the Indian government out of the Ngultrum 15 billion electricity assistance it is providing to Bhutan.
Reki Dorji said that in order to revive the country’s economy, ESP will work to strengthen the country’s macroeconomic framework and boost domestic production.
He added that the goal is to create more jobs, increase foreign exchange reserves and attract tourists as the government aims to attract 300,000 tourist arrivals per year.
Bhutan is a country that relies on imports. The country’s imports will increase from 66.64 billion Ngultrum in 2020 to 90.3 billion Ngultrum in 2021 and to 108.42 billion Ngultrum in 2023.
However, exports fell from 57.99 billion Ngultrum in 2021 to 52.92 billion Ngultrum in 2023.
Leonpo Leki Dorji said the ESP will address this trade imbalance by increasing exports and promoting the production of goods that can replace imports. He added that the program will also support the establishment of new businesses and the development of existing cottage and small industries. This is expected to enhance the country’s domestic production capacity and create jobs.
“A large part of the ESP funds will be used for national plans and programs to create jobs,” said Reki Dorji.
Unemployment rises according to quarterly labour force survey Inflation will rise to 4.1% in the first quarter of this year from 3.5% in 2023.
Meanwhile, youth unemployment rose to 22.9% from 15.9% during the same period.
The programme is overseen by the ESP Secretariat under the Prime Minister’s Office and a steering committee chaired by the Prime Minister. The ESP Secretariat will review project proposals and will initiate the programme soon.
The program will be strictly monitored and evaluated by the ESP Secretariat and relevant ministries to ensure that funds are used effectively.
The ESP Secretariat will announce details on the application process and eligibility criteria shortly.
[ad_2]
Source link
