The Board of Executive Directors of the World Bank Group has disclosed plans to support the new 2021-2024 Country Partnership Framework for Bhutan.
The gesture is aimed at supporting the country’s inclusive and sustainable development through a strong focus on job creation and economic and environmental resilience, according to a World Bank said statement on Thursday.
“The new Country Partnership Framework is fully aligned with the government’s 12th Five-Year Plan and the COVID-19 Crisis Response Approach. It capitalises on Bhutan’s commitment to balance the country’s constitutional obligation to cultural preservation and environmental conservation and the need to create jobs and economic opportunities for all its citizens,” said World Bank Country Director for Bangladesh and Bhutan, Mercy Tembon.
The new strategy is designed to get this balance right and with the priority to create jobs, the new CPF focuses on two strategic areas of human capital and resilience.
“Bhutan’s development philosophy of Gross National Happiness has contributed to impressive economic progress while safeguarding the nation’s rich culture and environment. With the global economic downturn from COVID-19, Bhutan now faces significant challenges with slower economic growth and job losses on top of some vulnerabilities with rising youth unemployment, growing inequality and the impacts of climate change,” acting Regional Director for South Asia at the International Finance Corporation, Shalabh Tandon, said.
“A conscious boost to the country’s fledging private sector by leveraging Bhutan’s strengths is imperative to create more jobs and spur an inclusive recovery,” Tandon added.
Also, the Vice President and Chief Risk, Legal and Administrative Officer at the Multilateral Investment Guarantee Agency, Ethiopis Tafara, said, “MIGA will continue its collaboration with the World Bank and IFC to help draw in foreign investment in support of job creation and environmental resiliency – the focus areas of the Bhutan CPF.”