| Financier | Commitments |
|---|---|
| BT:PFM Multi Donor Trust Fund | 4.00 |
PFM-MDF FINANCED STRENGTHENING PUBLIC FINANCIAL MANAGEMENT PROJECT
Development Objective
The overall development objective of the project is to contribute to the improvement of the efficiency, accountability and transparency of PFM systems in Bhutan.
Key Details
Project Details
P162196
Closed
Savinay Grover
KINGDOM OF BHUTAN
February 14, 2017
(as of board presentation)
September 20, 2017
September 21, 2017
US$ 4.00 million
Ministry of Finance, Department of Public Accounts
2018
US$ 4.00 million
N/A
Not Applicable
June 30, 2023
BANK APPROVED
March 28, 2024
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | N/A |
| IDA Commitment | N/A |
| IBRD + IDA Commitment | N/A |
| Lending Instrument | |
|---|---|
| Grant Amount | 4.00 |
| Total Project Cost** | 4.00 |
Summary Status of World Bank Financing (US$ Millions) as of April 30, 2025
No data available.
Detailed Financial Activity as of April 30, 2025
No data available.
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Progress towards achievement of PDO | Satisfactory | 2022-11-04 |
| Overall | Moderable | 2022-11-04 |
| Overall Implementation Progress (IP) | Moderately Satisfactory | 2022-11-04 |
COMPLETION RATINGS
| INDICATOR | IMPLEMENTATION COMPLETION & RESULTS REPORT: 01-08-2024 |
|---|---|
| Outcomes | Substantial |
| Risk to Development Outcome | |
| Bank Performance | Substantial |
| Borrower Performance | |
| Government Performance | |
| Implementing Agency |
INDEPENDENT EVALUATION RATINGS
No data available.
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Enhanced controls in budget execution and disclosure of key fiscal information Value 2016 PEFA Assessment(refer Annex 4 on Summary of Enhanced controls in budget execution and disclosu Of the 8 indicators, 6 are Achieved: • AFS of ex Date September 1, 2017 November 30, 2022 December 13, 2023 Comment Reduced procurement cycle time through increase in percentage of contracts/bids invited through e-GP using national competitive bidding (NCB) , in selected MoE, MoF and MoWHS Value 0% of bids invited through e-GP using NCB Procu 75% of bids invited through e-GP using NCBand The e-GP system processed 90 percent tenders of th Date September 1, 2017 November 30, 2022 December 13, 2023 Comment
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Increased number of systems/thematic (performance or value for money) audits undertaken by Internal Audit - number of audits undertaken annually Value 1 5 5 Date September 1, 2017 November 30, 2022 December 13, 2023 Comment Improved efficiency of internal audit function - number of internal audit engagements annually Value 109 200 Partly Achieved (127 engagements due to Covid-19 p Date September 1, 2017 November 30, 2022 December 13, 2023 Comment Improved presentation of National annual financial statements consistent with international standards Value National annual financial statements presented not National annual financial statements presented as Achieved. FY 2022-23 financial statements publishe Date September 1, 2017 November 30, 2022 December 13, 2023 Comment Public Procurement Bill approved by the Cabinet Value No Bill Public Procurement Bill approved by the Cabinet Not Achieved. (It was decided not to have a separa Date September 1, 2017 November 30, 2022 December 13, 2023 Comment Strengthening of PEMS Value Gaps in Payroll and bank reconciliation functional PEMS strengthened with Payroll control, bank recon Achieved: Initiation of e-Payment project covering Date September 1, 2017 November 30, 2022 December 13, 2023 Comment PFM information systems integrated Value PFM information systems with minimum integration Integration of PFM information systems Achieved Date September 1, 2017 November 30, 2022 December 13, 2023 Comment Economic analysis of investment proposals Value PI-11.1 dimension score is C PI-11.1 dimension score improved to B. Not Achieved. Date June 30, 2020 November 30, 2022 December 13, 2023 Comment Clustering of Financial Services - country wide Value No accounting cluster offices at decentralized lev Country wide accounting cluster offices establishe Achieved (27 CFS established) Date June 30, 2020 November 30, 2022 December 13, 2023 Comment Enhanced contents in Budget Report consistent with international good practices including gender and climate change aspects Value N/A Budget Report, consistent with revised template pu Achieved:The report was revised, published, and i Date September 1, 2017 November 30, 2022 December 13, 2023 Comment Increased number of companies in compliance with BAS Phase I and II Value 0.00 49.00 44.00 Date September 1, 2017 November 30, 2022 December 13, 2023 Comment Setting the legal and operational environment for GST implementation Value No GST legislation GST introduced in Bhutan Partly Achieved: Cabinet approved it on January 17 Date September 1, 2017 November 30, 2022 December 13, 2023 Comment Improvement in quality assurance process within internal audit function based on methodology of the IIA Value Baseline to be established in year 1 Repeat self-assessment indicates improvement over Partly Achieved. Repeat self-assessment based on n Date September 1, 2017 November 30, 2022 December 13, 2023 Comment