The Economic Stimulus Plan (ESP) Steering Committee has written to the Anti Corruption Commission on 16 January 2026 highlighting what action it has taken immediately on the ACC’s findings and recommendation on the four ESP cases.
This was in keeping with the mandate entrusted to the RMA for the administration and implementation of the ESP Concession Loans.
Accordingly, RMA convened a meeting with the senior management of the three Financial Institutions (FIs) namely Bhutan Development Bank Limited (BDBL), T-Bank Limited and Bhutan Insurance Limited (BIL) on 20 December 2025 to underscore the gravity of the matter and the need for appropriate corrective measures.
On December 22, 2025, the RMA issued formal directives instructing these institutions to initiate the recoupment of ESP-related loans as per the ACC’s referral letter.
The ESP Steering Committee was informed by the RMA on the action taken by them as per a letter dated 16th January 2026.
Bhutan Insurance Limited (BIL)
The BIL Board deliberated on the issue related to T&K Concrete and Products on December 30, 2025. BIL has disbursed a total of Nu. 50.831 million to date. While BIL maintains that the project remains eligible for ESP support, the RMA concurs with the ACC’s findings and has accordingly informed the BIL.
As with T Bank, because BIL prefunded the amount and has not yet received ESP funds, recoupment is not applicable; and instead BIL will not be provided the refund from the ESP funds.
Apart from the above action, the RMA in line with ACC’s recommendation has three months to submit a report after looking at all the medium sized loans.
