It is an auspicious turn of event and a news that injects major boost to our economic recovery process as we seek to heal from the scars of the pandemic.

First time for Bhutan, finance minister Namgay Tshering will step in as the Chair of the Small States Forum (a group of 50 countries) and as one of the Vice Chairs of the Board of Governors of the World Bank Group, which is also a first. 

This means Bhutan as the chair will lead the forum that brings together finance ministers and central bank governors of the 50 countries to address challenges of the small countries. He will also convene high-level dialogues with the World Bank Group and other multilateral and bilateral agencies on behalf of the SSF. 

Lyonpo Namgay Tshering is also selected as the Vice-Chair of the Board of Governors that comprises 189 finance ministers of the member countries. Bhutan will vice-chair alongside Austria. 

Lyonchhen Dr Lotay Tshering said this is an encouraging development as the finance minister partakes in the global role of decision making and in inscribing Bhutan’s new relationship with the World Bank Group. 

“It is a matter of pride since countries around the world are looking for renewed hopes and guidance to re-build the economy and Bhutan is playing a critical part in the process,” he said. 

Among others, the offers for the posts take into account Bhutan’s “impressive progress” in its COVID response. 

Lyonchhen said it was His Majesty’s leadership and also the goodwill established by our monarchs over the decades that a small country such as ours is always being considered for prestigious offers. 

With health minister serving as the President at the World Health Assembly this year and the finance minister taking up the two new responsibilities, lyonchhen said they will play complementing roles to benefit Bhutan and as well as the world as new paths are forged hereafter.  

Meanwhile, the tenure as the chair of SSF will be for two years and the vice-chairmanship will be for the 2022 annual meetings of World Bank Groups. 

“Given his hard work, professionalism and network as the finance minister so far, I am happy that his colleagues heard him,” lyonchhen said. “I am confident that lyonpo Namgay will gain in terms of critical knowledge and competence as much as he gives and delivers with passion, while guiding and deciding on global matters in the coming years.”