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International Monetary Fund
Bhutan’s growth was resilient to the financial crisis and the outlook remains positive. Containing fiscal expansion and enhancing liquidity management are necessary to avoid economic overheating. Strengthening bank supervision is also a top priority.
Aldo W. Zanzi

This paper highlights that the financial activity of the IMF reached a new peak in the first three quarters of 1981 in terms of the number of arrangements with members involving high conditionality on the use of the IMF’s resources, the total amount of resources committed under existing arrangements, and the magnitude of actual purchases. There were 25 stand-by arrangements in effect at the end of September 1981, as well as 16 extended arrangements. The total amount of resources made available to member countries in the first nine months of 1981 was SDR 9.3 billion.

International Monetary Fund. Statistics Dept.

As part of the IMF-South Asia Regional Training and Technical Assistance Center (SARTTAC) work program, a technical assistance (TA) mission on external sector statistics (ESS) was conducted during April 2–13, 2018. The mission assisted the Royal Monetary Authority (RMA) in compiling and disseminating external debt statistics (EDS) consistent with the international investment position (IIP), reviewed the compilation method of direct investment statistics, and assessed the coverage of external flows related to hydropower projects.

International Monetary Fund. Statistics Dept.

This paper discusses Bhutan’s Technical Assistance Evaluation report. Participation in the statistical projects financed by the Japanese government in national accounts, prices, government finance, and balance-of-payments statistics is having a major effect on Bhutan’s statistical development. The statistical compilers were well informed about the donor as the source of funding. The method of combining regional workshops and multiple missions was considered to be particularly suitable. Cross-sectoral data consistency and coordination are increasingly recognized as important. Computerized accounting systems for the budgetary central government have been introduced, namely the Multi-Year Rolling Budget and the Public Expenditure Management System.

International Monetary Fund. Asia and Pacific Dept

This 2014 Article IV Consultation highlights that the GDP growth in Bhutan has slowed from about 10 percent in FY2011 (July 1–June 30) to 5 percent in FY2013. Slower growth reflects policy efforts to contain overheating pressures in the form of restrictions on credit for construction and vehicle. Inflation has remained elevated, tracking closely that of India (Bhutan’s main trading partner). Social development indicators have improved steadily, and Bhutan is on track or has achieved most of its Millennium Development Goals. Growth is projected to recover to 6½ percent in FY2014, driven mainly by a pick-up in hydropower-related construction activities and domestic services.