Bhutan Leverages PEFA to Leap Forward with its PFM Reforms
Posted by Sonam Tobgyel[1]
Bhutan has a very strong commitment to Good Governance which is one of the four pillars of the country’s Gross National Happiness (GNH) Index and one of the nine domains of the same index. Improving governance and accountability is one of the main priorities of the Royal Government of Bhutan (RGoB) and strengthening PFM is a key element of good governance. To improve PFM, the RGoB has used the Public Expenditure and Financial Accountability (PEFA) Assessment tool, which involves evidence-based measurements of a country’s PFM system to provide a scorecard of performance against various indicators and prepare a well-sequenced reform strategy. Bhutan had undertaken various reforms even before the first PEFA Assessment was carried out. However, it was only after the PEFA Assessments of 2010 and 2016 that the country was able to leap forward with a more structured and sequenced reform strategy which has already had a marked impact on the country’s fiscal performance.
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