Bhutan: Strengthening Economic Management Program

Sovereign Project | 46371-001 Status: Closed

Summary

ADB is helping the Government of Bhutan fill a resource gap in its finances and allow it to continue developing the country’s economy. The ADB-supported program will improve budget and debt management systems, strengthen revenue efforts and the revenue management system, enhance macrofinancial management, and improve external and internal audit operations.

Latest Project Documents


Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

The Public Communications Policy (PCP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

 
Project Name Strengthening Economic Management Program
Project Number 46371-001
Country Bhutan
Project Status Closed
Project Type / Modality of Assistance Grant
Loan
Source of Funding / Amount
Grant 0338-BHU: Strengthening Economic Management Program
Asian Development Fund US$ 20.81 million
Loan 2994-BHU: Strengthening Economic Management Program
Asian Development Fund US$ 14.22 million
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Private sector development
Sector / Subsector

Finance - Finance sector development - Money and capital markets

Public sector management - Public expenditure and fiscal management

Gender Equity and Mainstreaming No gender elements
Description
Project Rationale and Linkage to Country/Regional Strategy
Impact

Project Outcome

Description of Outcome
Progress Toward Outcome
Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues)

- Thimphu & Phuntsholing municipalities are implementing the MTEF. Galephu and Samdrup Jonghkhar are working on MTEF implementation.

- Rules and regulations for property valuation methodology has been prepared by the PAVA Task Force and MoWHS, then approved by the Cabinet through the Ministry of Finance. The piloting of the rules and regulations in Phuontsholling municipality is under progress.

- RAMIS implementation status - is under progress.

- Royal Audit Authority has completed ARMS system and is waiting to lauch it.

- External audit report and training is under progress.

- The reports on medium term debt strategy and debt sustainability analysis have been prepared and are under review by MOF.

-The reports on government securities market development, capital markets master plan and credit rating agencies framework have been prepared, findings have been shared during Feb 18 Stakeholders workshop and are under review by RMA and MOF.

- The macroprudential policy measures have been prepared and are under review by RMA and will be discussed during April 4 Stakholders Workshop

-Report on wholesale retail deposit mobilizationhas been prepared and under review.

Geographical Location

Safeguard Categories

Environment C
Involuntary Resettlement C
Indigenous Peoples C

Summary of Environmental and Social Aspects

Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation

Responsible Staff

Responsible ADB Officer Cigdem Akin
Responsible ADB Department South Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, SARD
Executing Agencies
Department of Public Accounts
CHOITEN@MOF.GOV.BT
P.O. Box 117 Thimphu, Bhutan

Timetable

Concept Clearance 29 Nov 2012
Fact Finding 08 Oct 2012 to 15 Oct 2012
MRM 28 Jan 2013
Approval -
Last Review Mission -
Last PDS Update 31 Mar 2014

Grant 0338-BHU

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
21 Mar 2013 21 Mar 2013 21 Mar 2013 30 Sep 2014 - 21 Mar 2013
Financing Plan Grant Utilization
Total (Amount in US$ million) Date ADB Others Net Percentage
Project Cost 20.81 Cumulative Contract Awards
ADB 20.81 21 Mar 2013 20.81 0.00 100%
Counterpart 0.00 Cumulative Disbursements
Cofinancing 0.00 21 Mar 2013 20.81 0.00 100%

Loan 2994-BHU

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
21 Mar 2013 21 Mar 2013 21 Mar 2013 30 Sep 2014 - 23 Jul 2014
Financing Plan Loan Utilization
Total (Amount in US$ million) Date ADB Others Net Percentage
Project Cost 14.22 Cumulative Contract Awards
ADB 14.22 21 Mar 2013 14.22 0.00 100%
Counterpart 0.00 Cumulative Disbursements
Cofinancing 0.00 21 Mar 2013 14.22 0.00 100%

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

Title Document Type Document Date
Bhutan: Strengthening Economic Management Program Validations of Project Completion Reports Jul 2016

Related Publications

Title Document Type Document Date
Opportunities for Internal Audit Capacity Development Brochures and Flyers Aug 2015

The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.