Despite the challenges posed by the pandemic, the 12th Five Year Plan is still on track. This was shared by the Finance Minister during the 15th Round Table Meeting held today. The meeting is the highest forum for policy dialogue between the government and its development partners. More than 140 participants attended the meeting.
With the country halfway through the 12th Five Year Plan, the government conducted the mid-term review earlier this year to track the progress.
According to Foreign Minister Dr Tandi Dorji, the financial progress of the 12th Five Year Plan during the Mid-term Review stands at 45 per cent despite the challenges posed by COVID-19. “This achievement and socio-economic progress made thus far would not have been possible without the generous support and assistance of our development partners,” Lyonpo said.
Finance Minister Namgay Tshering said, “Besides other benefits, the mid-term review gave us the opportunity of re-orienting the 12th Five Year Plan and external assistance to meet the current context and needs of the country through reprogramming, frontloading and reprioritization”.
The finance minister also added that the country’s commitment to graduate from the Least Developed Country category in 2023 remains unaltered despite the challenges.
“As we graduate, it is obvious that some development partners may phase-out and grant assistance to Bhutan could reduce, while on the other hand the country’s needs and aspirations will keep growing,” said the Finance Minister.
To fill this gap and to sustain the development path and for realizing SDG targets, Lyonpo Namgay Tshering said the ministry will explore different modes of financing such as climate finance, highly concessional loans, public-private partnerships and issuance of Green Bonds.
In addition to continuing the socio-economic development, the government plans to reinforce and strengthen development plans in the areas of renewable energy, water scarcity, digitization, health and education, food self-sufficiency, employment generation and artificial intelligence.
Sonam Pem
Edited by Yeshi Gyaltshen
