The World Bank launched the Country Partnership Framework 2021-2024 for Bhutan yesterday. The new framework is aligned with the government’s 12th Five Year Plan and COVID-19 crisis approach. It will focus on creating jobs and economic opportunities for citizens. A Country Partnership Framework is a tool that reviews and guides the World Bank Group’s country programs and measures their effectiveness.
The framework will focus on developing a more inclusive and diversified economic basis for private sector-led job creation. As per the press release from the World Bank, fostering private sector growth in key sectors including agriculture, tourism and cottage and small industries is critical to job creation in the country.
It also states that the Bank Group will support business environment reforms by helping to develop policies on external commercial borrowing, e-commerce, competition, and Foreign Direct Investment (FDI). In addition, the framework will help the government build its social protection system to boost economic resilience at the household and community level.
The framework will also focus on harnessing digital technologies. The press release states that digital technologies can bridge gaps in access to information and services and markets. It can support financial inclusion by expanding financial services through digital payment platforms and mobile banking.
To alleviate impacts of COVID-19 crisis particularly on vulnerable households with small children, the framework will help increase access to maternal and child health services, expand early childcare and improve child nutrition and development services.
Sonam Pem
