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News and Press Release from Ministry of Finance

Press Release on Implementation of Bill Discounting for Government Contracts (Works)(08-Jan-2025)

Posted on by Webmaster | Department of Treasury and Accounts News

January 07, 2025 – The Ministry of Finance in collaboration with the Financial Institutions of Bhutan (FIAB), is pleased  to announce the launch  of the Bill Discounting facility. 

This financial facility aims to:

  1. Enhance cashflow and liquidity for contracting firms;
  2. Improve operational efficiency by reducing payment delays;
  3. Ensure smooth project execution.

Bill Discounting is a financial product/instrument wherein a contracting firm can obtain immediate cash from a bank or financial institution by discounting their bill receivables from the government agencies. This initiative aims to improve liquidity in the construction sector by providing timely access to funds and ensuring smooth business operations by addressing cash flow gaps by converting receivables into immediate cash. The Bill Discounting facility will operate through a collaborative process involving the contracting firm(Drawer), financial institutions, and procuring agencies. Under this arrangement, the financial institutions provide discounted payments upfront based on receivables verified and confirmed by the procuring agencies.

Initially, the facility will be piloted for the government works only, with plans for gradual expansion to include goods and services contracts.

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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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