Loans to be reopened from mid of August
As the loans for the housing, vehicle, and consumers was closed because of the economy slowdown in the country and the shortages of the Indian Rupees (INR), by the previous government will now be reopened by mid August. The draft guideline for different schemes is now in the final stages, and now the Royal Monetary Authority (RMA) would be reopening of loans. This was confirmed by the Finance Minister, Lyonpo Namgay Dorji during the 10th meet the press last Friday.
Lyonpo said the Ministry of Finance has been having serious meeting with RMA for quite some time and the guidelines are at the final stages now. He also said that the day before yesterday they had a whole day meeting with RMA with the guidelines.
He said that by the mid of August, loans for all the schemes will be opened in the country including housing, vehicle and personal loans. The status of the economy has been studied as well as the INR position.
Lyonpo said that the two policies which actually control the economy of our country, one is the fiscal policy that will control and other one is monetary policy which is used by the RMA to control the flow of money in the economy. As monetary policy is basically a very short term policy and now that the fiscal policy plays. That’s way we are able to open up this loans across the nations for different schemes.
Prime Minister Tshering Tobgay said that the economy was under lots of stress as recently a year ago, the rupee (INR) position became an issue of immense concern. He added that we must work harder and make sacrifices.
Lyonchhen further said that during the course of the year, our economy has improved and have a long way to go. The rupee position also has improved because of monetary policy, fiscal measures and the hard work of our people and the sacrifices that our people have made.
“The situation has improved but in no ways should we under the impression that the situation is perfect, we are far from perfect and we have a lot to do to strengthen our economy. We have a lot to do to ensure that the INR situation does not repeat. We didn’t experience what we had experienced in the last two years,” said Lyonchhen.
“We have to be able to produce as much as possible within a country and where possible we need to use local resources not depend on imported resources unnecessary”, Lyonchhen said.
Lyonchhen further added that the bottom line is today things are improved and as such it is very important that loans be made available so that our people can meet their personal ambition yet at the same time our economy can become strengthen but that said we must not forget , we are a small country with a small economy continued to be heavily depended on imports over our own products and as such the situation is still risky and all of us must be mindful of that and all of must be willing to work harder and make sacrifices and where and when necessary.