Bhutan Appreciates India for Extending Standby Credit Facility

Bhutan Appreciates India for Extending Standby Credit Facility

On a three-day visit to India, His Majesty Jigme Khesar Namgyel Wangchuck, the King of Bhutan, called on President Droupadi Murmu and Prime Minister Narendra Modi.

President Droupadi Murmu said that India is proud to support projects in Bhutan in sectors such as health, education, agriculture, infrastructure, digitization and skill development. She assured that India’s development partnership would continue to be guided by the priorities and aspirations of Bhutan. She noted that this year Bhutan is set to graduate from the Least Developed Country (LDC) category and embark on the path towards becoming a high income economy. She said that India would remain a reliable partner of Bhutan on this journey.

The conversation between the Bhutanese monarch and Prime Minister Modi covered the entire gamut of issues, said Indian Foreign Secretary Vinay Kwatra at a special media briefing.

Bhutan appreciated India extending the Standby Credit Facility at a reduced interest rate and extended settlement period, and for providing an additional currency swap support of $200 million. Bhutan also looked at expanding partnerships for frontiers of space, startups and STEM education. India has promised to step up assistance for the 13th five year plan for Bhutan. On the cards is also an integrated check post, as well as cooperation on an energy engagement, said sources.