News

loan moratorium on import of vehicles and construction to be lifted, conditions apply

Thukten Zangpo 

Prime Minister Tshering Tobgay announced the Nu 15 billion Economic Stimulus Programme (ESP) on May 18 to address the economic challenges faced by the country in the aftermath of the Covid-19 pandemic.

Meanwhile, the Prime Minister announced that the moratorium on housing and construction loans will be lifted by July 1, 2024, and the moratorium on import of vehicles by August 18, 2024. 

However, he said that the Royal Monetary Authority will come up with a set of criteria which the financial institutions will have to follow on import of vehicles.

The Prime Minister urged the public to not place vehicle order now as the study is underway on import of the vehicles and the carrying capacity of vehicles in the thromdes. Similarly, he added that it would also apply to the construction loans.