Manila, Sep 13 (IANS): The Asian Development Bank on Friday launched a new country partnership strategy for Bhutan, aiming to help the South Asian country address economic obstacles and enable inclusive, sustainable, resilient and job-creating growth.

The bank said the five-year partnership strategy from 2024-2028 will reinforce the government's development programs by strengthening public sector management and enabling private sector development, building climate adaptive and resilient infrastructure and systems, and supporting human capital development and the employability of Bhutanese youth.

According to the bank, Bhutan has made good progress in reducing poverty and improving its education and health indicators over the past two decades. In December 2023, it graduated out of least-developed country status, Xinhua news agency reported.

To continue building on this progress, the bank said Bhutan needs to address the challenges of economic slowdown, a worsening macro-fiscal position, its narrow economic base, the absence of an enabling environment for the private sector, vulnerability to climate change and disasters, and high levels of youth unemployment and out-migration.