In order to help Punjab manage its financial resources and improve access to public services, the World Bank Board of Executive Directors approved a $150 million loan today.
IFI said it would assist the state in strengthening the institutional capabilities of various government departments, managing fiscal risks, and making informed policy choices to support sustainable growth, in a statement.
The Punjabi economy has not grown as fast as it could. The statement added that fiscal challenges combined with institutional constraints have resulted in scarce resources being spread thinly across development priorities.
The new projects will support the state’s development goals by strengthening planning, budgeting and monitoring functions, and leveraging digital technology, in addition to increasing accountability in public procurement systems by supporting the state-wide implementation of new legal and policy reforms.
In the statement, Auguste Tano Kouame, World Bank Country Director in India, said, “The World Bank is pleased to partner with Punjab in its effort to deliver timely, cost-effective, and high-quality public services, which are critical for inclusive development.”