The Asian Development Bank, ADB, has launched a new Country Partnership Strategy, CPS for five years from 2024 to 2028. The strategy, announced on Friday, aims to address the country’s economic challenges while promoting inclusive, sustainable, and resilient growth.
The ADB’s five-year strategy is designed to reinforce Bhutan’s government development programmes by focusing on three main areas: public sector management, private sector development, and human capital growth. Climate adaptation and building resilience to natural disasters are also high on the agenda.
Bhutan has made considerable progress over the past two decades in reducing poverty and improving health and education. The country graduated from least-developed country status in December 2023. However, challenges remain, including an economic slowdown, a fragile macroeconomic position, and high youth unemployment.
Shamit Chakravarti, ADB Country Director said “Under the new CPS, ADB will enable a shift toward private sector development, climate change and disaster risk reduction and mitigation, and regional cooperation and integration. It will assist Bhutan in undertaking policy reforms, diversifying its economy, building quality infrastructure in underserved areas, and supporting human capital development. The CPS is the result of our close partnership with the Government of Bhutan and complements its 13th Five-Year Plan for 2024–2029.”
The Asian Development Bank, established in 1966 and owned by 68 member countries, remains committed to promoting a prosperous, inclusive, resilient, and sustainable Asia and Pacific region, with an enduring mission to eradicate extreme poverty.
Karma Samten Wangda
Edited by Kipchu
