World Bank approves $150 million loan for Punjab

September 20, 2022 12:45

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

The international financial institution, in a statement, said it would support the state's efforts 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 the planning, budgeting and monitoring functions, and leveraging digital technology, besides increasing accountability in the public procurement systems by supporting the state-wide implementation of new legal and policy reforms.

"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," Auguste Tano Kouame, the World Bank's Country Director in India, was quoted in the statement. -- PTI

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