Financial Crime World

Bhutan’s Royal Government Unveils Comprehensive Financial Management Manual

Introduction

Thimphu, Bhutan - The Royal Government of Bhutan has launched a comprehensive financial management manual aimed at promoting economic stability, efficiency, transparency, and accountability in its financial affairs.

Key Features of the Manual

  • Outlines the basic principles of financial management
  • Defines responsibilities of government agencies
  • Provides financial tools to ensure effective use of public funds
  • Emphasizes the importance of vigilance, integrity, honesty, loyalty, and efficiency among government officials and employees

Roles and Responsibilities

  • The Royal Monetary Authority (RMA) is responsible for:
    • Issuing currency notes and coins
    • Regulating money supply and international exchange
    • Supervising and regulating banks and financial institutions
    • Promoting credit and exchange conditions
    • Serving as a banker, fiscal agent, and advisor to the government on monetary and financial matters

Effective Financial Management

  • Cash flow management: planning and monitoring cash use, establishing cash reserves, depositing revenues promptly, and making payments only when due
  • Procurement: transparency in public procurement, fair access to contracts, regularity and uniformity in procurement, and promoting economy and efficiency
  • Asset management: responsible management of government assets
  • Debt or liabilities management: effective management of government debt and liabilities
  • Budgeting: planning and monitoring government expenditures

Significance of the Manual

The launch of this comprehensive financial management manual is a significant step towards strengthening Bhutan’s fiscal discipline and promoting sustainable economic development.

Conclusion

The Royal Government of Bhutan has taken a crucial step in ensuring transparency, accountability, and efficiency in its financial affairs. The comprehensive financial management manual will help promote economic stability and sustainable development in the country.