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 12^th 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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Signing of Grant Agreements for the Project for Reconstruction of Bridges on Primary National Highway No.1 in Mongar District and Project for Human Resource Development Scholarship

JOINT PRESS RELEASE

May 20, 2024: The Department of Macro-fiscal & Development Finance (DMDF), Ministry of Finance and Japan International Cooperation Agency (JICA) Bhutan Office signed a Grant Agreement (G/A) for “the Project for Reconstruction of Bridges on Primary National Highway No.1 in Mongar District”. The project is for the reconstruction of Namling and Durdari Bridges in Mongar Dzongkhag with a grant amount of one billion six hundred and thirty-four million Japanese Yen (JPY1,634,000,000).

The objective of the project is to help improve logistics, social services such as medical care through replacement of the bridges along the National Highway No.1 in Mongar District, thereby contributing to sustainable socio-economic development in the area. Prior to this, 26 bridges were built though the Grant Aid Scheme covering the National Highways across Bhutan.

In addition, the Grant Agreement for the “Project for Human Resource Development Scholarship” was also signed together. The Grant will provide academic opportunities for young Government officials and others obtaining masters or doctors degree in higher educational institutions in Japan. Under the Japan Human Resource Development Scholarship, a total amount of two hundred and four million Japanese Yen (JPY 204,000,000) will be supported extending from April 1, 2024 till December 31, 2031

The G/As was signed between Mr. Tshering Dorji, Director of the DMDF and Mr. Tomoyuki Yamada, Chief Representative of the JICA Bhutan Office. The signing of G/As have been preceded by the Exchange of the Note (E/N) between the Royal Bhutanese Embassy and the Embassy of Japan, New Delhi, on the same day.

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A 9-Year bond of Nu. 5,000 million in the name of the Royal Government of Bhutan is offered for auction through Royal Monetary Authority of Bhutan. The bid for the bond can be submitted from 29 April – 5 May 2023 (12 noon). The bid must be submitted using a RSEBL web-based application link https://rsebl.org.bt/online/bond.php.

Eligibility:

Any Bhutanese persons including Bhutanese citizens, Firms, Companies, Corporate Bodies, Financial Institutions and Trust Funds can subscribe to the Bond.

Please read the Offer Document for more information on the bond. The Offer Document can be downloaded from the following link: (Offer Document).

Please visit the following link for further details: https://www.rma.org.bt/rgobbond.jsp

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Call for Bids of Government Bond

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On 24 November, 2022, H.E. Marten Van den Berg, Ambassador of the Netherlands to Bhutan and Ms. Leki Wangmo, Acting Secretary, Ministry of Finance signed the Grant Agreement for the project titled “Gelephu Flood Protection”. The estimated cost of the project is Nu. 560 million and it will be funded on a 50-50 percent modality by the Royal Government of Bhutan and Government of Netherlands.

This is the outcome of the “Feasibility Study on Gelephu Flood Protection” project initiated and managed by the Flood Engineering and Management Division, Department of Engineering Services, Ministry of Works and Human Settlements with technical and financial support from the Government of Netherlands in 2019 amounting to Nu. 47.25 million.

Besides 50 percent funding for the infrastructure, the Government of Netherlands will provide Nu. 33 million as Technical Assistance for the project.

Through this project, the following interventions would be implemented:

• Flood and river bank protection by means of a revetment along the infiltration gallery (IG) and Water Treatment Plant (WTP).
• Erosion protection by means of a revetment at the Sershong Primary School along Thewar Stream; the school is situated on a steep cliff, undercut by the Thewar Stream.
• Erosion protection by means of a groyne as flow guiding structure at the bifurcation North of the Jogi Stream.
• Erosion protection by means of a groyne as flow guiding structure close to the Sewage Treatment Plant (STP).
• Erosion and flood protection measures along the Shetikhari Stream by means of a revetment along the meandering parts to avoid further land taken by the stream and prevent damage.

The project will be implemented by Gelephu Thromde and Sarpang Dzongkhag with Technical Assistance from the Ministry of Works and Human Settlements.

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