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Countries and Regions Country Partnership Strategies Document
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Country Strategy and Program Update 2005-2006: Bhutan
III. Portfolio Management IssuesA. Portfolio Performance24. As of 31 December 2003, cumulative lending to Bhutan consisted of 19 loans amounting to $118.6 million and 85 technical assistance projects amounting to $32.0 million. Contract award and disbursement achievement rates continued to improve. Total contract awards as of 31 December 2003 amounted to $88.5 million, and the contract award ratio was 36.4%. Total disbursements amounted to $79.4 million and the disbursement ratio was 23.3%. 25. Compliance with loan covenants and with assurances on social and environmental measures has been satisfactory. Achievements on key policy covenants on participation and ownership, institutional capability, budget availability, operation and maintenance, and benefit monitoring system including poverty impact are also satisfactory. There are no issues with regard to timely availability of counterpart funds and, with the exception of one late submission, all audited project accounts were submitted in a timely manner. B. Performance Monitoring and Evaluation26. The overall risk ratio of the five ongoing loans in the portfolio has improved with one rated highly satisfactory and four rated satisfactory in terms of both development objective and implementation progress. As of December 2003, none of the five ongoing loans were in the “at risk” category. An agreed-upon action plan to further improve portfolio performance was identified in the 2002 annual country portfolio review jointly undertaken by ADB and the Government. Implementation of the 2002 action plan was satisfactory. To further improve the portfolio performance of both loans and TAs, 16 actions were jointly identified in 2003. The implementation status of the action plan is monitored by the Government and ADB on a monthly basis.
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