World Bank okays $150-million loan for Punjab to improve service delivery

ANI

Washington, September 20

The World Bank’s Board of Executive Directors today approved a loan of $150 million to Punjab to help the state better manage its financial resources and improve access to public services.

Growth on agenda

The World Bank, in a statement, said it would support the efforts of the state to strengthen the institutional capabilities of various government departments, manage fiscal risks and make informed policy choices to support sustainable growth.

The international financial institution, in a statement, said it would support the efforts of the state to strengthen the institutional capabilities of various government departments, manage fiscal risks and make informed policy choices to support sustainable growth.

“Punjab’s growth has been below potential. A combination of fiscal challenges and institutional capacity constraints means that scarce resources are spread thin across development priorities,” the statement added.

The new projects will support the state’s development goals by strengthening planning, budgeting and monitoring functions, and leveraging digital technology, besides increasing accountability in the public procurement systems by supporting state-wide implementation of new legal and policy reforms.

“The World Bank is pleased to be a partner of Punjab in the effort of the state to deliver timely, cost-effective and good-quality public services, which is critical for inclusive development,” Auguste Tano Kouame, World Bank’s Country Director in India, was quoted in the statement.