News

News and Press Release from Ministry of Finance

PRESS RELEASE (25-Dec-2018)

  1. The opening ceremony of the “Public Financial Management Training: Improving Public Service Delivery through Enhanced Fiscal Decentralization” was graced by the Hon’ble Finance
    Minister on 25th December, 2018 at the Royal Institute of Management (RIM).
  2.  

    Participants with Hon’ble Finance Minister

  3. The four day training program is exclusively for the Accounts Assistants from all the budgetary
    agencies of the country.
  4.  

  5. The objective of this training program is to bring together all key players in the Public Financial Management (PFM) and update knowledge on some of the new initiatives and development in the entire PFM process and systems.
  6.  

  7. This platform will provide an opportunity to discuss and deliberate on emerging issues and challenges faced by the finance personnel while carrying out responsibilities and functions on daily basis in the field.
  8.  

  9. Apart for the sessions by the Ministry of Finance, the Royal Civil Service Commission (RCSC), Royal Audit Authority (RAA), Anti-Corruption Commission (ACC) and National Pension and Provident Fund (NPPF) will also make presentation to the participants during the course of the training.
  10.  

  11. Around 570 Accounts Assistants will participate in the four day training program from December 25-28, 2018.
  12.  

  13. The training program is funded under a TA grant from Asian Development Bank (ADB).
  14.  

  15. The training program will conclude on 28th December 2018.

247 total views, 3 views today

DEDICATED CIVIL SERVICE AWARD 2018 (12-Dec-2018)

DEDICATED CIVIL SERVICE AWARD 2018

The Ministry of Finance has organized the Civil Service Award ceremony for the year 2018 on 11 December 2018. The award ceremony was graced by Hon’ble Finance Secretary Dasho Nim Dorji who was also one of the recipients of the Gold medal for his 30 years of distinguished career in the civil service.

Dasho Nim Dorji, recipient of Gold medal for 30 years of dedicated service

Lifetime Service Award Recipients with Hon’ble Finance Secretary

30 years Service Award (Gold) Recipients with Hon’ble Finance Secretary

20 years Service Award (Silver) Recipients with Hon’ble Finance Secretary

10 years Service Award (Bronze) Recipients with Hon’ble Finance Secretary

Addressing the ceremony, the Hon’ble Secretary informed the gathering that the civil service award is initiated by the government upon the command of His Majesty the King for the recognition of distinguished contribution and hard work of all the recipients. The Hon’ble Secretary further emphasized that it is an excellent opportunity for recipients and all other employees of Ministry of Finance to pay tribute and rededicate our commitment and loyalty to serve Tsa-Wa-Sum. The Hon’ble Secretary and his team congratulated all the award recipients.

The total of 103 employees has been awarded the service award under four categories;
Lifetime service award for 8 employees
Dedicated service award (30 years) for 20 employees (Gold)
Dedicated service award (20 years) for 20 employees (Silver)
Dedicated service award (10 years) for 55 employees (Bronze)

***CONGRATULATIONS ONCE AGAIN***

463 total views, 1 views today

RGOB and ADB Sign USD 35.00 million grants

Press Release

The Royal Government of Bhutan and Asian Development Bank (ADB) Sign US$ 35.00 Million Grants for Health Sector Development Program (HSDP) and Skills Training and Education Pathways Upgradation Project (STEP UP).

The Royal Government of Bhutan (RGoB) and the ADB signed a US$ 35.00 million grants for Health Sector Development Program (US$ 20.00 million) and Skills Training and Education Pathways Upgradation Project (US$ 15.00 million) this morning.

The grant of US$ 20.00 million for Health Sector Development Program will help Bhutan immensely in improving its equitable access, enhancing efficiency and sustainability of our Health system. US$ 10.00 million under this grant will be allotted to the Bhutan Health Trust Fund to improve sustainability of our free basic health facility to the people. The Ministry of Health will implement the project over the period of five years (2018 – 2022).

The grant of US$ 15.00 million for Skills Training and Education Pathways Upgradation Project (STEP-UP) will support the RGoB’s efforts towards expanding and upgrading the technical and vocational education and training (TVET) system for modern, diversified and job-oriented skills development in the 12 FYP. It will help improve the employability of TVET graduates and high school students of Bhutan. The Ministry of Education and Ministry of Labor and Human Resource will implement the project over the period of seven year (2018 – 2025).

“The ADB is extremely pleased that through these grants we will be able to support the Royal Government of Bhutan’s initiatives towards investment in social sector like health, education, and technical skills development. This aligns well with ADB’s corporate strategy—Strategy 2030—that prioritizes human development and social inclusion, improving education and training, achieving better health for all under the first of 7 priorities “Addressing Remaining Poverty and Reducing Inequalities” said Mr. Hun Kim, Director General, South Asia Department, ADB.
Acknowledging the challenges faced by the current technical and vocational education and training (TVET) system in the country, Bhutan has developed a TVET Blueprint 2016–2026, as a roadmap for furthering its “quality” and “relevance”, while ensuring “equity”‘ and “inclusiveness” in access. “The Skill Training and Education Pathways Upgradation Project will assist the government in enhancing the capacity and relevance through reforming and modernizing its TVET institutions and interventions (led by both public and private institutions) to enhance the employability and employment prospects of the Youth in Bhutan and also help to realise the Bhutan vision to become a leader in TVET in the region”, says Lyonpo Namgay Tshering, Hon’ble Finance Minister.

The Royal Government of Bhutan recognizes good health of its citizens as a prerequisite for greater economic and social development, poverty reduction, and the road to Gross National Happiness. Health services are provided free as enshrined in the Constitution of Bhutan, and the Government provides comprehensive services to citizens through various levels of care, including referral of patients abroad for life saving treatments, which are beyond the clinical capacity and facilities available in Bhutan.

“The Health Sector Development Program is well aligned with the National Health Policy’s mission to achieve national health goals and its aspiration towards self-reliance and sustainability in Bhutan’s health service delivery”, says Lyonpo Namgay Tshering, Hon’ble Finance Minister.

The HSDP will also advance Bhutan’s health security agenda through strategic support for prevention and control of infectious diseases in line with Bhutan’s commitment to the International Health Regulations (IHR, 2005).

125 total views, no views today

Hon’ble Lyonpo joins Office


His Excellency Lyonpo Namgay Tshering, the new Minister, officially joined Ministry of Finance on 7th November 2018.

Prior to joining politics, his Excellency served as the project coordinator of the World Bank and Global Fund Project and as the Planning Officer and Program Manager in the Ministry of Health.

The Management and Staff of the Ministry offers warm felicitations and look forward to working under Lyonpo’s guidance and leadership.

272 total views, no views today

Press Release (3-Oct-2018)

PRESS RELEASE

Transfer of RMA’s Annual Surplus for FY 2017/18 to the Royal Government of Bhutan

The Royal Monetary Authority of Bhutan successfully closed its accounts for the financial year 2017/18 and submitted its annual surplus to the Royal Government of Bhutan on 3rd October 2018.

The cheque for the net surplus of Nu.1,550.24 million was handed over by the RMA to the Ministry of Finance in the presence of the Interim Government’s Advisor to the Ministry of Finance, Dasho Karma Ura.

Compared to the net surplus transfer for FY 2016/17 of Nu. 1,001 million, the net surplus for FY 2017/18 has been the highest so far and reflects to some extent better reserve management, with net interest income from investment contributing Nu.249.81 million to the increase in the surplus. Gross international reserves remain at a little over USD 1 billion. These developments reflect the soundness of the economy and efficient management of reserves by the RMA.

256 total views, 1 views today

Grant received from World Bank for supporting Reforms in the Mining Sector (5-Jun-2018)

THIMPHU, June 5, 2018 – The Royal Government of Bhutan received a US$ 300,000 grant from the World Bank-led Extractives Global Programmatic Support (EGPS) multi-donor trust fund to support reforms in the mining sector and assist the Department of Geology and Mines with the implementation of the 2017 Mineral Development Policy.

The project, Supporting Minerals Management Policy Reform, will help (i) revise the 2002 Mines and Minerals Management Regulations; (ii) access international best practice advice on mines allocation, strategic minerals and mineral pricing; (iii) support advocacy programs for the implementation of the Mineral Development Policy; (iv) build technical capacity within the Mineral Development Division; and (v) enhance information system and compliance monitoring.

The Grant Agreement was signed today between the Hon’ble Finance Minister, Lyonpo Namgay Dorji and Mr. Yoichiro Ishihara, Resident Representative, World Bank.

135 total views, 1 views today

Promotion ceremony of Chief Planning Officer and Chief Finance Officers (10-Jan-2018)

On 10th January 2018, the Ministry of Finance celebrated the promotion ceremony of Chief Finance Officers to MoF, MoAF, MoH, MoWHS, MoEA, MoFA and Chief Planning Officer, PPD, MoF. The ceremony has been graced by the Honorable Finance Secretary.
Dasho congratulated the newly appointed Chiefs and urged them to work towards further strengthening the financial and budgetary management system in their respective agencies. More importantly, Dasho assured unwavering support and guidance to the newly appointed Chiefs and inspired them to collectively build the credibility of Ministry of Finance.

Dasho addressing to the newly appointed Chiefs

Newly appointed Chief Finance Officers and Chief Planning Officer

130 total views, no views today