Union Government and ADB sign USD 300 Million Loan to promote fiscal reforms in West Bengal

Oct 25, 2017 16:08 IST
West Bengal

The Union Government and Asian Development Bank on 24 October 2017 signed USD 300 million loan to promote a series of fiscal reforms in West Bengal to improve the quality of public service delivery.

The program agreement was signed by Parwez Ahmad Siddiqui, Secretary of Finance Department of West Bengal.

Besides the loan, ADB will also provide technical assistance grant of USD 500000 to strengthen key institutions responsible for carrying out fiscal management reforms in the state.

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Key Highlights
• This 'Second West Bengal Development Finance Program' targets a further increase in public investment through reduction of unproductive expenditure, and savings from efficiencies in revenue collections.
• It will create the essential fiscal space to sustain higher public investment in the State which could put the state’s finances on a balanced and sustainable path.
• It will not only target public investment but will also support private investments by creating an infrastructure facility to support project preparation, development with emphasis on public-private partnerships in health and education.
• It seeks to simplify the registration and licensing procedure for micro, small and medium enterprises.
• Slated to be completed by 2019, the Program will carry forward reforms such as linking medium term expenditure plans to actual budgets and enhancements in the integrated financial management system (IFMS).
• Other activities under the program include improved tax monitoring and continued support for information technology systems in strengthening tax and land administration.

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Read more Current Affairs on: Union Government , ADB , Asian Development Bank , West Bengal

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