The Royal Monetary Authority (RMA) is reviewing all medium-scale Economic Stimulus Plan (ESP) loans, ranging from Nu 10 million to Nu 100 million, involving 37 accounts, excluding four cases already examined by the Anti-Corruption Commission (ACC). A preliminary review of these loan files has identified possible procedural and documentation issues, as well as concerns over project eligibility under ESP guidelines. These findings will now be examined in greater depth.
According to the RMA, no evidence of corruption has been found so far. However, any such cases identified during the detailed review will be reported to the ACC. The purpose of the review is to determine whether the issues are isolated or indicate broader weaknesses in banking appraisal processes, and whether they are specific to ESP loans.
The ACC has given the RMA three months from 19 December 2025 to submit an Action Taken Report (ATR), with one month already elapsed. Once the review concludes, the RMA will direct financial institutions and their boards to take appropriate action based on service rules.
Meanwhile, following ACC findings of administrative lapses in three ESP cases, corrective actions were initiated, including loan cancellation and recovery measures by T-Bank and BIL, with no ESP refunds provided due to prefunding arrangements.