His Majesty The King has Commanded that the Druk Gyalpo’s Relief Kidu (DGRK) be continued for an additional period of 15 months from April 2021 to sustain the livelihoods and support for payment of interest on loans availed before 10 April 2020.
Lyonchhen Dr Dasho Lotay Tshering announced the Royal Command from Simtokha Dzong coinciding with the Zhabdrung Kuchoe on 22 April.
It was in the wisdom of His Majesty The King that the payment for the National Resilience Fund (NRF) be not met from the transfers from the government budgets, borrowings from the domestic markets and concessional loans from multilateral development banks as this would have huge ramifications on the future.
However, His Majesty commanded that efforts to replenish the NRF should neither disrupt the economy nor affect the development plans and projects of the government.
In His wisdom, His Majesty stated that transfers from government budget would reduce resources earmarked for implementing the 12th Plan development projects. Borrowing from the domestic financial market would crowd out the private sector and hinder a speedy economic recovery after the pandemic. The external borrowings would increase our national debt and burden future generations.
As per the command of His Majesty The King the next tranche of the NRF be financed in its entirety from His Majesty’s Kidu Fund and the Sungchob Fund. His Majesty’s Kidu Fund has been used to grant Kidu to thousands of Bhutanese to alleviate hardships and provide the ultimate social safety net.
The Sungchob Fund was established by our Kings as a security fund for the country during times of need.
His Majesty The King has said that in order to safeguard our security and sovereignty we must invest in our youth. With this in mind, His Majesty had committed both the Kidu Fund and Sungchob Fund for Gyalsung, Bhutan’s National Service.
Meanwhile, a total of 52,644 individuals applied for the DGRK in the last one year from 14 April 2020 – 31 March this year. Amongst them, 40 percent had applied in the first month itself.
About Nu. 2.25 billion has been disbursed to individuals under the income support relief which includes child support Kidu of Nu 70.89 million which accounted for three percent of the total Kidu granted in last one year.
The other category of Kidu program under the National Resilience Fund (NRF) includes the support on payment of interest for loans taken from the financial institutions. About 139, 096 individuals were provided the relief of Nu. 11.064 B as Kidu from the interest waiver facility.
As we embark our journey ahead, be judicious to apply for Kidu as this is one the last resort the His Majesty The King has for us.
Bhutan will continue to remain unique, a nation guided by the love and benevolence of a monarch who will leave no stones unturned to ensure that the subjects are well cared for.
The nation will forever remain indebted.