News

News and Press Release from Ministry of Finance

e-PEMS Launch (22-July-2019)

1. Hon’ble Finance Minister, Lyonpo Namgay Tshering launched the electronic Public Expenditure Management System (e-PEMS) and Global Interchange for Financial Transaction (GIFT) payment system on July 22, 2019 at Le Méridien, Thimphu.

2. The e-PEMS is developed by Department of Public Accounts (DPA), MoF in collaboration with the Royal Monetary Authority (RMA), Bank of Bhutan Ltd. (BoBL), Department of Revenue and Customs (DRC) and Department of Information Technology & Telecom (DITT).

3. This is an important milestone towards enhancing the Public Financial Management and to promote cashless and digital payments in the country.

4. The e-PEMS is an online accounting and payment system of the Royal Government of Bhutan implemented from July 2019 (FY 2019-20).

5. The GIFT payment system launched by the RMA is a payment platform developed to complement and support the settlement of interbank transactions for e-PEMS and the general public.

6. The GIFT payment system supports 3 types of payment services – BITS (or batched) settlement service, Real-Time Gross Settlement Service (RTGS) and Bulk Payment Service.

a. BITS (or batched) settlement service – The BITS would enable high value interbank fund transfer in a batched settlement cycle. The batch timings are set up by RMA in line to the operational timings of the banks.

b. RTGS – Real-Time Gross Settlement Service – Payments made through this service are settled immediately on receipt. The RTGS would allow the transfer of money from one bank to any other bank on a “real time” and on a “gross” settlement basis. RTGS systems are typically considered a systemically important payment system.

c. Bulk Payment Service – The Bulk Payment service can handle cases where multiple beneficiaries are to be credited from a single account. These transactions are targeted for mainly institutional payments E.g. Salaries, pension payments, loan repayments etc.

7. The implementation of e-PEMS and GIFT payment system is expected to bring following benefits:
-Eliminate use of manual cheques;
-Simplify bank reconciliation process;
-Improve public service delivery through reduced turnaround time (TAT);
-Minimize risks of fraud, corruption and rent seeking opportunities;
-Improve reporting and consolidation of the Government accounts;
-Support initiative of moving towards cashless economy; and
-Reduce administrative burden.

8. With the implementation of e-PEMS and GIFT payment systems, it is expected to greatly reduce administrative burden and improve public service delivery through enhanced Public Financial Management system. Further, it will also improve timely reporting and consolidation of the Government accounts which will help in making informed decisions.

9. The e-PEMS has been developed with financial and technical support under multi donor fund (MDF) which is contributed by European Union (EU) and Austrian Development Agency (ADA), and administered by the World Bank (WB).

10. The GIFT has been developed with the guidance from the Reserve Bank of India (RBI) with technical support from Indian Financial Technology and Allied Services (IFTAS).

e-PEMS Brochure

e-PEMS Clip

 7,298 total views

Press Release (21-April-2019)

His Excellency Lyonpo Namgay Tshering’s participation in the 2019 ECOSOC Forum on Financing for Development Follow-Up

 

His Excellency Lyonpo Namgay Tshering participated in the fourth 2019 ECOSOC Forum on Financing for Development (FfD) follow-up in New York from 15-18th April, 2019.

 

 

The aim of Financing for Development is to mobilize sufficient financing to successfully implement the Sustainable Development Goals (SDGs) by 2030. The Forum reviewed the implementation of the Addis Ababa Action Agenda (Addis Agenda) in the last four years and, to forge consensus to advance the implementation of the 2030 Agenda of Sustainable Development against the rising economic and non-economic risks.

The implementation of the Addis Agenda include mobilization of domestic revenue, enhancement of domestic and international private business, finances and cooperation, harnessing of new technologies, promotion of trade, science, technology and capacity building including data, monitoring and follow-up.
Hon’ble Lyonpo in his National Statement highlighted the synergies between the SDGs and our development philosophy of Gross National Happiness. Hon’ble Lyonpo also participated in the side event on “How much should Asia and Pacific invest to achieve the SDG?” organized by UNESCAP. Lyonpo also participated in the Ministerial Finance Dialogue 1 on Promoting inclusive growth and reducing inequalities and Ministerial Finance Dialogue II on Mobilizing Finance for climate action. Lyonpo had bilateral meeting with Mr. Yannick Glemarec, Executive Director of Green Climate Fund to discuss issues of mutual interests.Bhutan’s participation in the FfD forum is important to leverage our fiscal space in the implementation of the SDGs by 2030.

The 2019 forum’s recommendations and the recommendations of the past three forums on financing for development will be submitted to the first quadrennial high-level dialogue on financing for development in September, 2019, back to back with the High-Level Political Forum (HLPF).

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Induction Programme conducted to the new Internal Auditors (12-Mar-2019)

The Central Coordinating Agency (CCA) for Internal Audit Service under the Ministry of Finance provided Induction Training on “Fundamentals of Internal Auditing” to the new internal auditors from 4-8 March 2019 at the Professional Development Centre in Tsirang.

 

 

The training was provided for competency development of the new internal auditors who will be equipped on the fundamental knowledge and skills to execute the internal audit engagements independently. Additionally, it will bring a platform for a better coordination of internal audit functions where the new internal auditors will be able to gain an understanding and application of audit risk identification, audit planning, field work, and communication of results which incorporates the management’s expectations.

Further, through the experience sharing session from the senior internal auditors, it aided the participants to know the practical issues and way- forward strategies to be applied in their respective agencies.

A total of 8 internal auditors from Dzongkhag, Ministry, Jigme Dorji Wangchuck National Referral Hospital and Thimphu Thromde attended the programme funded by the Ministry of Finance.

 1,601 total views

APA 2018-2019 Signing (4-Mar-2019)

Signing of Annual Performance Agreement (APA) for FY 2018-19

 

The Annual Performance Agreement for FY 2018-19 was signed between the Hon’ble Prime Minister and Minister of Finance on 27th Feb. 2019. APA between the Hon’ble Finance Minister and Finance Secretary was also signed on the same day.

 

APA Signing between HPM, Finance Minister and Finance Secretary

Today, the Annual Performance Agreements between the Hon’ble Finance Secretary and heads of Departments/divisionwere signed in presence of Hon’ble Finance Minister at the MoF’s Conference Hall. Hon’ble Finance Minister and Finance Secretary highlighted some of the targets in the Ministry’s APA and sought the commitment of the departments to achieve them.

 

APA Signing between Finance Secretary and DRC’s Director General

APA Signing between Finance Secretary and DNB’s Director

APA Signing between Finance Secretary and DMEA’s Offtg. DG

APA Signing between Finance Secretary and DPA’s Director

APA Signing between Finance Secretary and DNP’s Offtg.DG

APA Signing between Finance Secretary and DoS’s Director

APA Signing between Finance Secretary and Chief PO, PPD

APA Signing between Finance Secretary and Chief AO of AASBB

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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.

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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***

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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).

 1,363 total views

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.

 1,732 total views

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.

 1,262 total views