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World Bank To Lend $21.7 Million For Rajasthan Public Financial Management

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| May 29 , 2018 , 16:35 IST

The Ministry of Finance on Tuesday announced that a 21.7 million dollars agreement was signed between World Bank and the Government of India in New Delhi on Tuesday.

The IBRD (International Bank for Reconstruction and Development) credit will be used for a project aimed at strengthening of Public Financial Management in Rajasthan Project and was signed by Sameer Kumar Khare, Joint Secretary (FB and ADB), Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank.

The entire project size is approximately 31 million dollars of which the remaining 9.3 million dollars will be funded by the state budget. The duration of this project is 5 years.

The objective of this project, as per a release from the Press Information Bureau, is to contribute to improved budget execution, enhanced accountability and greater efficiency in revenue administration in the state of Rajasthan. The project involves the strengthening of the public financial management framework; strengthening of expenditure and revenue systems; and project management and capacity building among others.

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Last week, Government of India had signed another loan agreement of IBRD credit of US$ 125 with the World Bank for the “Innovate in India for Inclusiveness Project.”