Bhutan Transporter

Flying car completes test flight between airports The vehicle runs on regular fuel and can travel up to 1,000km while airborne, its creator says.

Meeting the chief executive officers of financial institutions today, Prime Minister Dr Lotay Tshering thanked them for their support in the first three months of monetary intervention, and sought similar cooperation hereon.

Prime minister urged the banks to consider innovative, long term solutions as the country explored ways to see through the economy wounded by COVID situation.

“We all know that the pandemic will not go away in six months, and the businesses, despite intervention will not pick up in such short time,” he said. “Which means short term measures will only postpone the problem and not solve it.”

Even if we defer equated monthly installment (EMI) for one year, what happens after that? If we are considering soft loans, what are the conditions? This is not a normal situation, where businesses are taking money to make profits. It is more for covering losses.

Lyonchhen asked the banks to zoom out and consider an expanded view of over a decade or more. This will enable banks to consider profits later and make practical exceptions today. That way, government, private sectors and financial institutions will have more space to work together in the most efficient way.

The longer duration would also give banks opportunity to see through the years and predict profits, which will give them confidence to make bold approaches, absorb more losses now, and gradually tide over the situation.

“Different banks can come up with different, inventive packages and good business strategies that will win over private sector and gain confidence of more clients,” lyonchhen said. “Helping them now is also to the bank’s advantage.”

Lyonchhen also asked Royal Monetary Authority to make regulatory relaxations now, so that financial institutions can broaden scope and strategise way forward, which in turn will help private sector navigate with more conviction.

Government, on its part, assured to work on long term fiscal measures and incentives to support financial institutions.

Meanwhile, he said Bhutan has set new standards in handling the health emergency, adopting radical surveillance modes, doing away of home quarantine, and introducing mandatory 21-day government sponsored facilities.

“Isn’t this also an opportunity for our financial institutions to go beyond international norms and come up with a unique solution?” lyonchhen said.

India commits Nu 45B for 12th Plan and Nu 4B more to boost trade

Besides the Nu 45 billion assistance in the 12th Plan, the Indian government will also provide a transitional Trade Support Facility of Nu 4 billion over a period of five years to strengthen bilateral trade and economic linkages.
http://www.kuenselonline.com/india-commits-nu-45b-for-12th-plan-and-nu-4b-more-to-boost-trade/