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News and Press Release from Ministry of Finance

Press Release on SASEC (08-Nov-2024)

Posted on by Webmaster | Department of Macro-fiscal and Development Finance News

  1. The Ministry of Finance, Royal Government of Bhutan, in collaboration with the Asian Development Bank (ADB) under the South Asia Subregional Economic Cooperation (SASEC) Program hosted the 2024 Annual SASEC Meetings in Thimphu from November 4-8, 2024.
  • The Senior Officials Meeting was held on November 8, 2024 chaired by Aum Leki Wangmo, Secretary, Ministry of Finance and co-chaired by ADB Director General, Mr. Takeo Konishi.
  • The Senior Officials Meeting was preceded by 12th Customs Sub-group Meeting held in September 2024 and three SASEC Working Group Meetings for Trade Facilitation, Transport and Energy held from November 4-7, 2024.
  • The Senior Officials Meeting reinforced cooperation in trade, transport, and energy to foster economic growth, also addressing new institutional mechanisms on economic corridor development, digital payment mechanisms and Action Plans for SASEC Initiatives (APSI) for 2024-2026.
  • The South Asia Subregional Economic Cooperation (SASEC) program brings together Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, and Sri Lanka in a project-based partnership that aims to promote regional prosperity, improve economic opportunities, and build a better quality of life for the people of the subregion. SASEC countries share a common vision of boosting intra-regional trade and cooperation in South Asia, while also developing connectivity and trade with Southeast Asia.

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Press Release (11-Oct-2024)

Posted on by Webmaster | Department of Macro-fiscal and Development Finance News

October 8, 2024

PRESS RELEASE

The Department of Macro Fiscal and Development Finance (DMDF), Ministry of Finance and Keio University, Tokyo, Japan signed a Memorandum of Understanding (MoU) on Implementation and Knowledge Transfer of Growth Accounting Framework (Productivity Database) for Bhutan at Thimphu on October 8, 2024.

The MoU was signed to develop the internal technical capacity of the DMDF to construct/update the productivity account for Bhutan through technical knowledge transfer from Keio University. The implementation of the MoU is tentatively scheduled for 1.5 years and will be supported through technical assistance of UN ESCAP. 

The MoU was signed by Mr. Tshering Dorji, Director, DMDF and Mr. Koji Nomura, Director and Professor, Keio University.

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Announcement (11-Oct-2024)

Posted on by Webmaster | Department of Treasury and Accounts News

The Accounting & Auditing Standards Board of Bhutan (AASBB) is in the process of updating the records of Bhutanese Professional Accountants. We kindly request all the Professional Accountants to update your details by completing the Google Form linked below.
https://forms.gle/ij8YBVXSeSF5HeWx5 (copy the link and paste it in a new browser to open the file)
Your prompt response is highly appreciated to ensure that the records are accurate and up to date. For any queries or assistance, please contact our office at aasbbhutan@gmail.com

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Press Release (24-Sept-2024)

Posted on by Webmaster | News Office of Secretary Secretariat

Press release on ADB President Visits Bhutan: Strengthening Partnerships for Sustainable Development

  1. The President of the Asian Development Bank (ADB), Mr. Masatsugu Asakawa, is on a three-day official visit to Bhutan (23-26 September 2024) aimed at enhancing collaboration between ADB and the Royal Government of Bhutan. This visit underscores ADB’s commitment to supporting Bhutan’s development goals and fostering sustainable economic growth.
  1. The President called on H.E. Lyonpo Lekey Dorji, Finance Minister on 24 September 2024. During the meeting, Lyonpo Lekey Dorji and the President discussed ADB-Bhutan partnership into different investment areas of hydropower, renewable energy, health sector development, TVET and vocational education, transport, finance, public sector management, urban development and water resources. Bhutan became the member of the ADB since 1982.
  1. Between 1983 and December 2023; ADB has administered a total of 207 sector loans, grants and TA in Bhutan with the fund share of $1.2 b. Currently, ADB is administering a portfolio of 13 loans and 12 grants in Bhutan, amounting to $363 m.
  1. During the courtesy call, H.E. Finance Minister and the ADB President jointly launched the ADB Bhutan Country Partnership Strategy (CPS, 2024-2028), anchored on three strategic priorities namely:  i) strengthening public sector management and enabling private sector development; ii) building climate adaptive and resilient infrastructure and systems and iii) supporting human capital development and enhance employability of the youth. The CPS is designed towards supporting Bhutan’s aspiration to become a High Income GNH Economy by 2034, emphasizing the interconnected pillars of people, progress and prosperity, or the “3Ps”. 
  1. Witnessed by H.E. Finance Minister and the President, the loan “Distributed Solar in Public Infrastructure Project” was signed, which will access $ 30m from the ADB’s Ordinary Capital Resources- Concessional.
  1. The project not only aims to install distributed solar photovoltaic systems in key public infrastructures but also empower the youth through capacity-building initiatives in solar technology and green job creation. With the support of the Asian Development Bank (ADB), Druk Green Power Corporation Limited (DGPC) will reinforce solar power systems totaling an impressive 35-megawatt peak capacity. Additionally, the pilot agri-voltaic project allows Bhutan to explore innovative solutions that combine agriculture and renewable energy, enhancing both land productivity and energy generation.
  1. The President of ADB, during his stay in Bhutan, will visit various ADB administered projects in Thimphu and Wangduephodrang districts, besides meeting key officials to foster ADB-Bhutan partnership to the highest level.

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