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The World Bank’s Board of Executive Directors has approved a USD 150 million loan to help the Indian state of Punjab better manage its financial resources and improve people’s access to public services.
The international financial institution said in a statement that it would support the state’s efforts to strengthen the institutional capabilities of various government departments, manage financial risks and support sustainable development.
The statement said that Punjab’s growth has been below potential. The combination of fiscal challenges and institutional capacity constraints means scarce resources are scarce to meet development priorities.
Supporting the statewide implementation of new legal and policy reforms will help strengthen new projects, budget and monitoring functions, in addition to increasing accountability in public procurement systems, the World Bank said in a statement. Along with this, it will also be easier to achieve the development goals of the state by taking advantage of digital technology.
