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The Royal Government of Bhutan and the World Bank have signed a $24 million credit that will help promote fiscal discipline, increase access to finance for enterprises, and improve the climate for business entry and investment in Bhutan.

Bhutan has made impressive progress in poverty reduction and economic growth over the past decade but high levels of investment in the hydropower sector have increased pressures on the country’s fiscal balance and external accounts.

“Together with other programs, this policy credit is effectively supporting the Royal Government’s reform momentum,” said Yoichiro Ishihara, the World Bank’s Resident Representative for Bhutan. “With this policy credit, Bhutan will be better equipped to enact policies to foster private sector development and create more employment opportunities, especially for its youth.”

The Second Fiscal Sustainability and Investment Climate Development Policy Credit (DPC2) was signed by Namgay Dorji, the Royal Government of Bhutan’s Finance Minister, on behalf of the Royal Government of Bhutan, and Yoichiro Ishihara, Resident Representative for Bhutan, on behalf of the World Bank.

This credit is the second of two World Bank-supported initiatives to support Bhutan’s Eleventh Five-Year Plan (11th FYP) (2013–2018) goals of promoting green socio-economic development and achieving self-reliance. DPC2 was approved by the Board of Executive Directors of the World Bank on December 21, 2016.

“The Royal Government of Bhutan has used the policy credit to support institutional strengthening measures in some key areas, building on the momentum and lessons learnt from the past budget support operations to accelerate development in Bhutan,” said Namgay Dorji, the Royal Government of Bhutan’s Finance Minister. “Improving fiscal sustainability, access to finance and investment climate are critical to achieve the goals of the 11th Five Year Plan.”

The development policy series will be funded by credit from the International Development Association (IDA), the World Bank’s grant and low-interest credit arm. The credit has a maturity of 25 years, including a 5-year grace period.

Source :http://www.bhutannewsnetwork.com/2017/03/wb-loan-to-bhutan-to-improve-growth-equality/

The government of Japan has agreed to continue its support for Bhutan’s socio economic development, during the 12th annual consultation on economic cooperation between the two countries.

The Bhutanese delegation at the consultation presented 10 projects for consideration under technical cooperation and four grant aid projects in the field of health, agriculture and infrastructure restoration.

According to the Foreign Ministry of Bhutan, since its inception in 2006, the annual consultation continues to serve as an avenue for the two countries to review and exchange views on ongoing and future bilateral cooperation programs.

The two Buddhist nations have had exchanges of royal visits to strengthen the bilateral relations. Japanese contributed USD 73.53M during the 11th Plan.

Japan’s assistance to Bhutan is focused in the sectors of agriculture and rural economy, infrastructure development, social development and strengthening good governance.

Diplomatic relation between Japan and Bhutan was established in March 1986.

Source:http://www.bhutannewsnetwork.com/2017/08/japan-to-continue-funding-bhutans-development/

The wait for people in Gelephu to be connected by air is finally over with Druk Air resuming its flights to the town this week.

The first flight on November 11 had six passengers on board.

The airline now operates three times a week- Tuesday, Thursday and Sunday. The company had tested one weekly flight two years ago but discontinued citing not profitable.

The airline agreed to resume the domestic operations following the government’s decision to provide the company with a subsidy of Nu 0.30 million per domestic flight.

During the promotional period, a one-way flight to this southern town from Paro will cost Nu 3,570. Round trip for the public will cost Nu 6,250. Fare cost for flights from Bumthang to Gelephu will be Nu 3,750 (one-way) and Nu 6,250 for round trip.

Source:http://www.bhutannewsnetwork.com/2017/11/druk-air-resume-flights-to-gelephu/