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This 2009 Article IV Consultation highlights that Bhutan’s fiscal policy has been anchored by keeping current spending below domestic revenue. Bhutan’s large and volatile trade deficits have been offset by sizable foreign aid flows, resulting in a balance of payments (BOP) surplus and reserve accumulation. The BOP surplus has averaged about 8 percent of GDP over the last few years. Executive Directors have commended the authorities for the strong economic performance anchored by hydropower sector development, and supported by prudent economic management, firm donor support, and political stability.

Financial crises -- Bhutan. --- Fiscal policy -- Bhutan. --- International monetary fund -- Bhutan. --- Monetary policy -- Bhutan. --- Exports and Imports --- Money and Monetary Policy --- Public Finance --- Statistics --- Industries: Financial Services --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- National Government Expenditures and Related Policies: General --- International economics --- Public finance & taxation --- Finance --- Monetary economics --- Macroeconomics --- Econometrics & economic statistics --- External debt --- Public debt --- Credit --- Nonperforming loans --- Expenditure --- Money --- Financial institutions --- Debts, External --- Loans --- Debts, Public --- Expenditures, Public --- Bhutan --- Economics --- Economic conditions.