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National Budget Financial Year 2012-13 Ministry of Finance June 2012

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National Budget Financial Year 2012-13 Ministry of Finance June 2012 NATIONAL BUDGET FINANCIAL YEAR 2012-13 MINISTRY OF FINANCE JUNE 2012 TABLE OF CONTENTS INTRODUCTION....................................................................................1 CHAPTER I: OPERATIONAL RESULTS OF THE BUDGET FOR THE FINANCIAL YEAR 2010-11 .......................4 1.1 Overall financial position ...............................................................4 1.2 Actual Budget Outcome .................................................................6 1.2.1 Expenditure ....................................................................6 1.2.2 Domestic Revenue .........................................................7 1.2.3 Grants .............................................................................8 1.2.4 Debt ................................................................................9 1.3 Foreign Exchange Implications on Account of Government Budgetary Operations ....................................................................9 CHAPTER II: PAST MACROECONOMIC DEVELOPMENTS ....10 2.1 Gross Domestic Product (GDP) ...................................................10 2.2 Employment .................................................................................10 2.3 Balance of Payments (BoP) .........................................................10 2.4 Foreign Exchange Reserves .........................................................11 2.5 Debt & Debt Service ....................................................................12 2.6 Exchange Rate .............................................................................13 2.7 Prices ...... .....................................................................................13 2.8 Banking and the Financial Sector: ...............................................13 2.8.1 Credit ...........................................................................13 2.8.2 Non-performing Loans (NPLs) ....................................15 CHAPTER III: REVISED BUDGET ESTIMATES OF FY 2011-12 ......16 3.1 Expenditure estimate ....................................................................18 3.1.1 Current expenditure .....................................................18 NATIONAL BUDGET FOR THE FINANCIAL YEAR 2012-13 i 3.1.2 Capital expenditure ............................................................18 3.2 Domestic revenue estimate ..........................................................23 3.3 External grants .............................................................................25 3.4 Fiscal deficit & resource gap ........................................................25 3.5 Borrowings ...................................................................................25 3.6 Debt and debt servicing ...............................................................26 3.7 Foreign Exchange Implications on Account of Government Budgetary Operations ..................................................................26 CHAPTER IV: BUDGET ESTIMATES FOR THE FY 2012-13 ......27 4.1 Resources .....................................................................................29 4.1.1 Domestic revenue ................................................................30 4.1.2 Grants ..................................................................................31 4.2 Expenditure outlay .......................................................................31 4.2.1 Current expenditure ............................................................32 4.2.2 Capital expenditure .............................................................34 4.2.3 Net lending ..........................................................................34 4.3 Financing .....................................................................................34 4.3.1 External borrowing ..............................................................34 4.3.2 Internal borrowing ...............................................................35 4.3.3 Debt principal repayments ...................................................35 4.4 Sector Allocation ..........................................................................35 4.4.1 Health ..................................................................................37 4.4.2 Education ............................................................................40 4.4.3 Renewable Natural Resources (RNR) sector ......................44 4.4.4 Vocational training and employment ..................................47 4.4.5 Roads...................................................................................48 4.4.6 Urban development, housing and public amenities ............50 4.4.7 Communications and transport ...........................................52 4.4.8 Trade, industry and private sector development .................54 ii NATIONAL BUDGET FOR THE FINANCIAL YEAR 2012-13 4.4.9 Tourism sector .....................................................................55 4.4.10 Energy ...............................................................................56 4.4.11 Cultural services ................................................................59 4.4.12 Law and order ...................................................................60 4.4.13 General public service .......................................................61 4.5 Budget for Legislative, Judiciary and Constitutional bodies ......64 4.5.1 National Assembly (NA) .....................................................64 4.5.2 National Council (NC) ........................................................64 4.5.3 Anti-Corruption Commission..............................................65 4.5.4 Election Commission (EC) .................................................65 4.5.5 Judiciary ...............................................................................66 4.5.6 Royal Audit Authority (RAA) .............................................67 4.5.7 Royal Civil Service Commission ........................................67 4.6 Foreign Currency Implications on Account of Government Budgetary Operations ..................................................................68 CHAPTER V: TAX MEASURES .........................................................69 CHAPTER VI: MACRO-ECONOMIC OUTLOOK IN THE MEDIUM TERM .........................................................................70 6.1 Economic Growth ........................................................................70 6.2 Inflation .....................................................................................72 6.3 Employment .................................................................................73 6.4 Fiscal Outlook ..............................................................................73 6.4.1 Domestic Revenue and External Grant Assistance .............75 6.4.2 Expenditure .........................................................................76 6.4.3 Fiscal Balance .....................................................................77 6.5 Debt Stock and Debt Service .......................................................77 6.6 Balance of Payments (BoP) and Foreign Exchange Reserves .....80 NATIONAL BUDGET FOR THE FINANCIAL YEAR 2012-13 iii CHAPTER VII: REPORT ON STATE-OWNED ENTERPRISES AND COMPANIES WITH GOVERNMENT SHAREHOLDINGS .................................................83 7.1 Government Portfolio in the SOEs and Linked Companies ........83 7.2 Financial Overview of SOEs and Linked Enterprises .................83 7.2.1 Earnings & Profitability ...............................................84 7.2.2 Assets & net worth .......................................................88 7.2.3 Government’s revenue from SOEs ..............................90 7.2.4 Subsidy and Grants ......................................................90 7.3 Report on financial and operational performance of Druk Holdings & Investments ..............................................................91 7.3.1 DHI’s Assets and Equity .....................................................92 7.3.2 Investments .........................................................................92 CHAPTER VIII: REPORT ON THE NATIONAL PENSION AND PROVIDENT FUND AND THE ROYAL MONETARY AUTHORITY ...................................93 8.1 National Pension and Provident Fund (NPPF) ............................93 8.2 Royal Monetary Authority (RMA) ..............................................95 CHAPTER IX: REPORT ON TRUST FUNDS ..................................97 9.1 Trust Funds ..................................................................................97 9.1.1 Bhutan Trust Fund for Environmental Conservation (BTFEC) ......................................................................97 9.1.2 Bhutan Health Trust Fund (BHTF) ..............................97 9.1.3 Cultural Trust Fund ......................................................97 9.1.4 Universal Service Fund for ICT ...................................97 CONCLUSION .....................................................................................99 ANNEXURES ...................................................................................100 iv NATIONAL BUDGET FOR THE FINANCIAL YEAR 2012-13 INTRODUCTION The Royal Government’s budget for the financial year (FY) 2012-13 is the last budget of the 10th FYP. It coincides with the final year of the first democratically-elected government in our country. As we mark the beginning of the final year, I offer my sincere felicitations to the Honorable Members of Parliament for their exemplary stewardship in guiding the state of affairs
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