Prime Minister Narendra Modi, during his interaction with Bhutan King Jigme Khesar Namgyel Wangchuck, reaffirmed India’s deep commitment to the unique ties of friendship and cooperation with Bhutan and reiterated continued and full support to its socioeconomic development based on the priorities of the Royal Government and as per the vision of the King. According to the Joint Statement issued on Wednesday following the talks between the two leaders on Tuesday, “Guided by the philosophy of Gross National Happiness, and in consonance with the priorities of the people and Royal Government of Bhutan, both sides recognized that the long-standing Bhutan India development partnership, is reflective of strong ties of friendship and cooperation based on trust and mutual
understanding.
“The Indian side agreed to step up support for Bhutan’s 13th Five Year Plan which was welcomed by the Bhutanese side. The Bhutanese side also noted with satisfaction the timely flow of funds from GOI to ensure smooth and uninterrupted progress of projects under the 12th Five Year Plan with about 90 percent of India’s committed plan assistance to Bhutan already released, the joint statement said.
The Bhutanese side expressed appreciation to the Indian side for extending Standby Credit Facility at reduced interest rate and extended settlement period, and for providing an additional currency swap support of USD 200 Million. The Indian side agreed to positively consider Bhutan’s request to extend an additional Standby Credit Facility (SCF) for a period of five year
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