Thimphu Road Improvement Project

Regular scrutiny of the financial statements by ADB, coupled with periodic training of finance and project accounts staff, will help expedite financial closure. The financial management arrangements of the recipient and executing agency were robust. Even then,
financial closure of the grant account took 1.15 years from the grant closing date because of delays in the liquidation of advances and additional time needed to resolve the statement of expenditures review findings. Financial closing was further exacerbated by COVID-19 in-country lockdown measures.