PressRelease:
THIMPHU, 22nd December 2025: The Economic Stimulus Programme (ESP) Steering Committee received a letter from the Anti-Corruption Commission (ACC) on 19th December, 2025 conveying the findings pertaining to the investigation on ESP loans and actions to be taken by the Committee.
The Steering Committee convened a special meeting on 22nd December, 2025 to deliberate on the findings to ensure immediate implementation of the ACC’s recommendations. The Committee noted the following key conclusions from the investigation:
● No Corruption Established: The investigation “has not established any elements of corruption” in the implementation of ESP loans for the four medium industry projects;
● Clearance of Specific Project: The investigation has “determined that no further action is necessary at this stage” for one project; and,
● Procedural Deviations: The investigation revealed “procedural lapses in the three projects” by the Participating Financial Institutions (PFIs) in the approval and implementation of the loans in three medium industry projects.
In accordance with the ACC’s findings and the existing administrative framework between the Government and the Central Bank, the Steering Committee has initiated the following actions:
● The Royal Monetary Authority (RMA) has been directed to immediately recover or cancel loans sanctioned for the three projects identified by the ACC;
● The RMA is tasked with conducting on-site inspections of all approved ESP loans. This measure aims to strengthen oversight and ensure rigorous monitoring mechanisms of loan disbursements;
● The ESP Secretariat will coordinate with the RMA and submit an Action Taken Report by 15th January 2026 for onward submission to the ACC; and,
● The Committee will reconvene next week to assess the progress and determine if further actions are necessary.
The ESP Steering Committee reaffirms its commitment to transparency, institutional accountability, and the prudent management of public funds to ensure they serve their intended purposes.
ESP STEERING COMMITTEE
