For this, the Punjab government has tied up with the World Bank, read the statement of the Finance Minister regarding the loan of $ 150 million
Chandigarh : Punjab Finance Minister Advocate Harpal Singh Cheema said here today that the state has tied up with the World Bank under the $215 million ‘Building Financial and Institutional Resilience for Development’ (BFAIR) project, in which the state will be contributed by $65 million. Unlike other loans, it is a reform-based project backed by the World Bank, he said.
Giving this information in a statement issued here, the Finance Minister said that the project will bring reforms in systems in the Finance, Planning, Administrative Reforms, Local Government and Women and Child Development departments. He further added that this project will bring significant improvement in the delivery of services at the local level.
Cheema said that the project will be implemented for a period of 5 years to bring in process and policy based institutional reforms to enhance financial stability and resilience, the cost will be available in the form of loan whose repayment will start early during the project.
The Finance Minister said that the Punjab Government from its own resources will contribute $65 million to the project, which will bring about a comprehensive framework by strengthening institutional capabilities and accountability and the project will further improve public service delivery for good and efficient governance. Support reform measures.