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India,United States : INDIA signed a loan deal worth $36m with WORLD BANK for a project in HIMACHAL PRADESH.

The Government of India has accomplished the signing of an agreement for USD 36 Million worth of IBRD Credit with the Washington-headquartered World Bank for Himachal Pradesh Public Financial Management Capacity Building Program.

The World Bank-backed Program is aimed at boosting the efficiency of Public Expenditure Management and Tax Administration of the Indian State of Himachal Pradesh.

The Ministry of Finance has disclosed in an official statement that the World Bank will provide USD 36 million in support of the program, while the State Budget will bear the remaining cost of the program worth USD 45 million.

The Program will put its concentration on the priority fields specified by the GoHP, which were conveyed in different stakeholder workshops during the preparation of the five-year Program.

According to the Finance Ministry, it will also play a major role to improve the efficiency of major departments, enhance budget credibility, as well as reinforce systems and procedures to enhance fiscal discipline, improve revenue management to augment fiscal space, and targeted organizational reforms comprising human resource development.

The Joint Secretary (MI) at the Department of Economic Affairs Raj Kumar has signed the agreement for the Government of India, while the Country Director of World Bank (India) Junaid Kamal Ahmad has accomplished the signing job on behalf of his organization.

The Additional Director (Treasuries, Accounts and Lotteries) has signed the Implementing Entity Agreement for the Government of Himachal Pradesh (GoHP), while the World Banks Country Director (India) has inked on behalf of the global donor.

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Publication:Mena Report
Geographic Code:9INDI
Date:Jun 2, 2017
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