COUNTRY BACKGROUND - Gross National Happiness Commission

Fiscal and Monetary Policy
Phase I (US$ 7.13m) and Phase II (US$ 1.06 m), Construction of Primary Schools (US$ 4.09 m) and Technical
Assistance (US$ 3.70 m). The Asian Development Bank has provided loans for the following projects : Multiproject
Phase 1 (US$ 5.28 m) and Phase 2 (US$ 9.81 m), Chirang Hill Irrigation Project (USS$ 4.42 m), Road
Mechanisation (US$ 4.91 m), Urban Centres Sewerage (US$ 3.48 m), Highland Livestock Development Project
(US$ 5.82 m), Industrial Estates (US$ 1.16m ), Bhutan Development Finance Corporation ( US$ 2.44 m).
8.22 The Kuwait Fund has provided loans for the Gedu Wood Manufacturing Corporation (US$ 9.56 m), Bhutan
Board Products (US$ 11.15 m) and Bhutan Calcium Carbide (US$ 7.08 m).
8.23 Commercial loans were secured for the purchase of the BAe-146 aircraft (US$ 22.66 m) and Earth Satellite
Station (US$ 1.43 m). The total debt servicing in hard currency during the 7FYP is estimated to be US$ 33.53 m.
Annual average for debt servicing is about US$ 6.7 m.
Table 8.2 8.3 Foreign Convertible Debt Currency Indicators Loans for Convertible in $US Million: Currency Commitments Loans 198/87-1989/90
and Disbursements 1981/82-1990/91
Item 86/87 87/88 88/89 89/90
Debt outstanding (cumulative)
Commitments of
loans signed between 25.04
Total Disbursements
41.55 as of
Total Repayment
72.62 (interest + principal) 73.62
Debt service payments
Financial
1981/92 and 1990/91
0.36
April 1990
0.87
as of April 1990
4.07 6.76
Institute Debt service ratios (Interest + principal payments
9.30 11.10 39.80 65.10
as % of convertible currency exports of goods and
services)
IFAD 15.70 7.12 0.30
Debt
WORLD
outstanding
BANK
as % of GDP 9.60
28.39
13.90
16.01
27.00 28.30
0.64
ADB 37.32 17.78 0.35
Source : Selected Economic Indicators, RMA, Vol. 5. No.2. June 1991
KUWAIT FUND 27.79 23.42 4.94
COMMERCIAL LOAN 24.09 24.09 10.08
TOTAL 133.29 88.42 16.31
Source : Selected Economic Indicators, RMA, Vol. 5. No.2. June 1991
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