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India grants Bhutan, Maldives Rs 13.7 bn additional aid

NEW DELHI: India has granted Bhutan and the Maldives Rs 1,370 crore (Rs.13.7 billion) as additional aid, it was announced here on Friday. Of this, Rs 900 crore (Rs 9 billion) will go to Bhutan in two tranches, while Rs 470 crore (Rs 4.7 billion) has been earmarked for the Maldives, Home Minister P Chidambaram said after a cabinet meeting presided over by Prime Minister Manmohan Singh. "Bhutan will get an assistance package of Rs.600 crore (Rs 6 billion) and a standby facility of Rs.300...

Global crisis hits Bhutan too

The financial meltdown has hit Bhutanese economy as well, increasing the country's import bills, production costs, debt servicing and balance of payments situation, experts say. The ngultrum has depreciated by 15 to 18 per cent against the dollar in the past two months, with one USD now equivalent to Nu 49.30. "This has increased our import bills, production costs, debt servicing and the balance of payments situation," a finance ministry official said. "The constant decline of the n...