## Bhutan: 2025 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, January 27, 2026_

## Source details

**Canonical URL:** [Bhutan: 2025 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2026/01/26/bhutan-2025-article-iv-consultation-press-release-and-staff-report-573462)

## Other formats

- [Markdown version](/en/publications/cr/issues/2026/01/26/bhutan-2025-article-iv-consultation-press-release-and-staff-report-573462/index.md)
- [Structured JSON version](/en/publications/cr/issues/2026/01/26/bhutan-2025-article-iv-consultation-press-release-and-staff-report-573462/index.json)
- [Bundle manifest](/en/publications/cr/issues/2026/01/26/bhutan-2025-article-iv-consultation-press-release-and-staff-report-573462/bundle-manifest.json)

## Bibliographic details
- Published: January 27, 2026
- Series: IMF Staff Country Reports
- Volume: 2026
- Issue: 019
- Pages: 83
- DOI: https://doi.org/10.5089/9798229035552.002
- Stock No: 1BTNEA2026001

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### Key findings and macroeconomic assessment
- Social conditions have improved significantly in the last decade, raising Bhutan’s living standards while inequality and poverty have declined.
- The economy has been recovering from the pandemic shock, but external imbalances remain and reserves are still below pre-pandemic levels.
- Growth is strong, driven by hydropower projects.
- Emigration among the youth remains a challenge.

### Subject areas and keywords
- Subject: Expenditure, External debt, Public debt, Revenue administration
- Keywords: accounts statistics, downside risk, exchange restriction, foreign currency resource, fund relation, Global, IMF executive board, repayment liability

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## Content in this bundle

- **Bhutan’s Tax Reforms**
  - [Bhutan’s Tax Reforms (Markdown version)](/-/media/files/publications/cr/2026/english/1btnea2026001-source-pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Bhutan’s Tax Reforms (PDF)](/-/media/files/publications/cr/2026/english/1btnea2026001-source-pdf.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2026/01/26/bhutan-2025-article-iv-consultation-press-release-and-staff-report-573462_