The cries of the Pasakha steel factories for rescue after the Wall Street crisis hit them with mounting losses has prompted the minister of economic affairs Lyonpo Khandu Wangchuk to drive down south this week to assess the situation for himself.
The steel factory owners are seeing this as indicative of the government’s willingness to help. But the minister has not given away anything yet, only that they submit a “report” to the government. The owners says that they are in desperate need of working capital as theirs had been spent on raw material and the returns had dwindled because of the world financial crisis, which sucked the money from the market. In other words, there was a credit crunch.