India, World Bank signs Loan Agreement for HP Public Financial Management Capacity Building
India and World Bank signed an agreement for IBRD Credit of USD 36 million for Himachal Pradesh Public Financial Management Capacity Building Program.
India on 31 May 2017 signed a loan agreement of USD 36 million with the World Bank for Himachal Pradesh Public Financial Management Capacity Building Programme.
The project aims to improve the efficiency of public expenditure management and tax administration in Himachal Pradesh.
The agreement was signed by Joint Secretary of Department of Economic Affairs Raj Kumar and the Bank's Country Director Junaid Kamal Ahmad.
The Implementing Entity Agreement was signed by the Additional Director, Treasuries, Accounts and Lotteries, on behalf of Government of Himachal Pradesh (GoHP), and the Country Director (India) on behalf of the World Bank.
About the Programme
• The Programme is expected to contribute to enhancing efficiency of key departments, improving budget credibility, strengthening systems and procedures to improve fiscal discipline, improving revenue administration to increase fiscal space, and targeted organizational reforms including human.
• The Program focuses on the priority areas identified by the GoHP, which were articulated in various stakeholder workshops during Program preparation.
• The programme size is USD 45 million, of which USD 36 million will be financed by the Bank, and the remaining amount will be funded out of State Budget. The programme duration is 5 years.