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Budget Execution and Monitoring

Budget Execution and Monitoring. Ministry of Finance Royal Government of Bhutan ( Chening Peldon ). Structure of the Presentation. Legal Framework Budgeting System Budget Execution Monitoring Issues and Challenges Budget Reforms Monitoring of Budget Lessons Learned . Legal Framework.

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Budget Execution and Monitoring

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  1. Budget Execution and Monitoring Ministry of Finance Royal Government of Bhutan (CheningPeldon)

  2. Structure of the Presentation Legal Framework Budgeting System Budget Execution Monitoring Issues and Challenges Budget Reforms Monitoring of Budget Lessons Learned

  3. Legal Framework Constitution of Bhutan, 2008 Public Finance Act, 2007 Financial Rules and Regulations, 2001 Budget Call Notification

  4. Budgeting System Program based budgeting Recorded till Object Code level Advantages Budget Cycle Multi-Year Rolling Budget Web-Based System

  5. Budget Execution Fiscal transfer system Recurrent Capital (RGoB) External financing Budget Execution/Monitoring Issue Recurrent expenses Capital expenditures

  6. Measures to overcome the challenges Resource based budgeting Fiscal balance below 5% of GDP Rationalize recurrent expenses

  7. Budget Reforms Web-Based System Formula based recurrent budgeting Financial decentralization/Financial delegation e-release of funds/fiscal transfers Spending only through budget appropriations (Constitution, PFA)

  8. Monitoring of Budget Output monitoring- Physical (PFA, 2007) Mid-Year Budget Review Through expenditure reports Grants & Loans- Coordination with focal agencies

  9. Lesson Learned Incremental based budgeting to resource based budgeting Financial monitoring to financial and output monitoring Mid-Term Budget Review Coordination with aid coordinating agencies

  10. THANK YOU

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