STATE TO CONTRIBUTE $65 MILLION
UNLIKE OTHER FINANCIAL ASSISTANCE PROJECTS, THIS IS REFORM-BASED PROJECT TO BE UNDERTAKEN WITH SUPPORT FROM WORLD BANK
Chandigarh, September 21
Punjab Finance Minister Advocate Harpal Singh Cheema on Wednesday said that the state has collaborated with World Bank under a $215 million Building Fiscal and Institutional Resilience for growth (BFAIR) project in which the contribution of the state will be $65 million. He said that unlike other loans this is a reform based project targetted at bring about reforms in the systems and processes of five administrative departments.
Disclosing this in a statement issued here, Finance Minister said that the project will improve systems in Finance, Planning, Governance Reforms, Local Government and Women and Child Development. He further added that the project will significantly improve delivery of the services at local level.
“The project will be implemented over a period of 5 years to bring in process and policy-based institutional reforms to enhance resilience and fiscal sustainability”, said Cheema. He also informed that $150 million assistance from the World Bank will be available in the form of a very low cost loan wherein repayment will begin shortly during the course of the project.
“The Punjab Government’s contribution of $65 million in this project will introduce an overarching framework by strengthening of the institutional capabilities and accountability; supporting better public service delivery and other reform measures for good governance”, said Cheema.
