In preparation for the new Country Partnership Framework (CPF) for Bhutan and the World Bank (WB) for the period FY 2025-2029, the Bank has been involved in a series of consultation meetings with stakeholders including government officials, partners and even the public of Bhutan. This framework will guide the Bank’s overall support to Bhutan for the next four years to attain the country’s development and growth aspirations. According to the Bank, the proposed overarching goal of the CPF is to help Bhutan achieve a more inclusive and resilient economy supported by more and better jobs, especially for youth and women. The Bank has also said that the upcoming CPF is aligned with Bhutan’s 13th Five Year Plan and guided by the WB’s latest Systematic Country Diagnostic.
Commenting on it, head of a corporate sector said that the WB’s policy focus in Bhutan must shift decisively from merely strengthening financial institutions to fostering the growth of robust, dynamic financial markets. “While institutions serve as the foundation, it is the markets that breathe life into an economy, unlocking capital, enabling entrepreneurship, and catalyzing innovation. Without well-functioning financial markets, institutions become stagnant fortresses—repositories of capital rather than engines of progress,” he said.
Additionally, he mentioned that in Bhutan’s evolving economic landscape, the emphasis must be on deepening market mechanisms, enhancing liquidity, and diversifying financial instruments to empower businesses and individuals alike. “A thriving financial market would not only bolster investment and economic resilience but also serve as the gateway to sustainable development, ensuring that resources flow efficiently to where they are most needed. This is the transformative shift the World Bank must champion—one that moves beyond institutional fortification to the vibrant orchestration of a fully integrated financial ecosystem.”
He added that the WB in Bhutan must embark on a bold and visionary quest to explore financial products that are not only inclusive but also deeply rooted in sustainability. “In a rapidly evolving economic landscape, where traditional financial models often leave vast segments of society behind, the need for innovative, accessible, and environmentally conscious financial solutions has never been more urgent.”
Meanwhile, a senior civil servant said Bhutan, with its unwavering commitment to Gross National Happiness and sustainable development, stands at a crossroads where financial inclusion and ecological responsibility must converge. “The WB must champion a new era of financial instruments—microfinance tailored for rural entrepreneurs, green bonds that fuel eco-friendly infrastructure, and impact-driven investment vehicles that empower communities while safeguarding the nation’s pristine environment.”
Elaborating on this he said, this is not merely about expanding financial services but about reimagining the very architecture of finance itself—creating a system where prosperity is shared, where economic growth does not come at the cost of environmental degradation, and where every Bhutanese, regardless of socioeconomic background, has the opportunity to thrive. “The time for action is now, and the World Bank must lead the charge toward a future where finance becomes a force for empowerment, equity, and enduring sustainability.”
Additionally, he noted that the WB in Bhutan must seize the moment and align its strategic focus with the unparalleled vision of Gelephu Mindfulness City (GMC)—a transformative project that redefines Bhutan’s economic and urban future. “More than just a city, GMC is an audacious blueprint for sustainable progress, a beacon of mindful development that harmonizes modernity with Bhutan’s deeply rooted spiritual and environmental ethos.”
“To merely observe from the sidelines would be a squandered opportunity of historic proportions. The World Bank must not only engage but fully immerse itself in initiatives that amplify GMC’s potential—investing in cutting-edge infrastructure, pioneering sustainable financing models, and fostering innovation hubs that position Bhutan as a global leader in mindful urban development,” he shared.
According to him, by leveraging GMC’s vision, the World Bank can help shape a future where Bhutanese entrepreneurship flourishes, where financial and technological ecosystems evolve in harmony with nature, and where international partnerships are forged to elevate Bhutan onto the world stage. “This is not just an economic imperative—it is a call to action to be part of a legacy that will define Bhutan’s trajectory for generations to come.”
Another civil servant, also an economist said Bhutan stands at the precipice of profound change, with ambitious visions such as Gelephu Mindfulness City and a renewed national focus on sustainability, digital transformation, and economic resilience. “To remain relevant and impactful, the World Bank must break free from the constraints of traditional diagnostic assessments and instead embrace an adaptive, forward-looking strategy—one that anticipates opportunities, fosters bold innovation, and responds in real-time to Bhutan’s evolving aspirations,” he said, adding this is no time for bureaucratic inertia. “It is a time for action, for recalibration, for a new era of partnership where the World Bank’s support is not dictated by outdated reports but by Bhutan’s unfolding journey toward a future of prosperity, sustainability, and global leadership.”
On principles that the WB bases its support, such as the WB’s Systematic Country Diagnostic, he underlined that as the tides of time shift and the global economic landscape transforms, so too must the approach of the World Bank. “No longer can its support for Bhutan remain tethered to the rigid framework of the latest Systematic Country Diagnostic (SCD), a document that, while insightful, is ultimately a snapshot of the past—a reflection of what was, rather than a dynamic response to what is and what could be.”
Ugyen Tenzin from Thimphu
