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Punjab Receives A $150 Million Loan From The World Bank To Help With State Finances And Service Delivery
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India, 22 Sep 2022 10:10 AM GMT
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Creatives : Shiva Chaudhary
A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
Punjab's growth was described by the World Bank as "below potential," and it was said that a confluence of financial issues and institutional capacity limitations "means that scarce resources are spread thin across development priorities".
To assist Punjab in better managing its financial resources and enhancing access to public services, the World Bank has authorized a loan of $150 million (just under Rs. 1,200 crores).
According to the statement, the state's efforts to strengthen the institutional capabilities of various government departments, manage fiscal risks, and make informed policy decisions to support long-term growth will be assisted by the 'Fiscal and Institutional Resilience Program'.
The World Bank Describes The Growth Of Punjab
The World Bank described Punjab's growth as "below potential," citing a combination of fiscal challenges and institutional capacity constraints that "means that scarce resources are spread thin across development priorities."
According to the World Bank, by bolstering planning, budgeting, and monitoring duties and using digital technology, the new project will help Punjab accomplish its development goals. It will also increase accountability in public procurement systems by aiding in the statewide adoption of new legal and policy reforms.
The announcement included a quotation from Auguste Tano Kouame, the World Bank's Country Director for India: "The World Bank is pleased to be a partner of the state of Punjab in the state's effort to deliver timely, cost-effective, and good-quality public services, which is critical for inclusive development."
Measures Implemented By The World Bank
As per Hindustan Times, he continued that this new endeavor will help the state's new data policy, which aims to coordinate multiple social protection initiatives and minimize potential leakages while providing important services, go into effect.
As part of the project, two initiatives will be evaluated, the first of which is the creation of a grant system with performance-based incentives to encourage municipal corporations to enhance service delivery. In the second initiative, selected neighborhoods in Amritsar and Ludhiana will showcase 24-hour water availability.
The Punjab Municipal Services Impact Project's purpose, according to Punjab Chief Secretary Vijay Kumar Janjua, who met with a World Bank delegation on September 10 to finish the project's work, is to enhance water delivery in the two aforementioned cities. The $300 million project is being funded by the World Bank, the Asian Infrastructure Investment Bank, and the Punjab government.
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