USD 4 mn grant to strengthen Management of Public Funds

The Royal Government of Bhutan (RGOB) and the World Bank signed a USD 4 million grant today to help Bhutan manage public funds more effectively and improve procurement and budgetary systems, with the over reaching goal of strengthening delivery of Public services and enhancing governance.

“Sound public financial management is critical for good governance. We believe in achieving Gross National Happiness (GNH) and good governance is one 0f the pillars of GNH and PFM forms one of the reinforcing pillars of good governance. Through PFM we can achieve good governance and by strengthening PFM we can enhance good governance. The proposed PFM reforms will go a long way in strengthening accountability, transparency, efficiency and effectives in the resource mobilization and allocation of Public resources to achieve our development goals,” said Finance Secretary Nim Dorji.

“We are grateful to the World Bank for building the partnership between RGOB, the World Bank, European Union and Australian Development Agency through the Public Financial Management Multi Donor Funds.”

Bhutan has made transparent government spending and strong legislative oversight a priority, toward a more open and accountable government. The PFM Project, which supports this effort, was established under the PFM-MDF, a joint program of the World Bank, the European Union and the Australian Development Agency.

“Sound public financial management is critical for country’s development and this is particular so with Bhutan given the importance of PFM in an economy. Bhutan has made important pace in public financial management reforms. Bhutan’s public financial management system is the strong demonstration of the commitment of the government to develop very sound public financial management system. The World Bank remains committed to supporting Bhutan’s reform in public financial management through the Multi Donor Fund and other instrument like budget support”, said Qimiao Fan, World Bank Country Director for Bhutan.

Johannes Binder, Counsellor and Resident Coordinator, Australian Development Agency stressed the Australian Development Corporation maintains its support to Good Governance in Bhutan with participation with this PRM MDP.

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