India-world Current Affairs
India, World Bank ink $21.7 million loan agreement for Rajasthan’s Public Financial Management Project
Union Government has signed agreement for IBRD Credit of US $21.7 Million from World Bank for Strengthening of Public Financial Management in Rajasthan Project. The Implementing Entity Agreement for the project was signed by Secretary, Finance (Budget) on behalf of Government of Rajasthan, and Acting Country Director (India) on behalf of World Bank.
The size of project is approximately US $31 million, of which US $21.7 million will be financed by World Bank and remaining amount will be funded-out of state Budget. The project’s objective is to contribute to improved budget execution, enhanced accountability and greater efficiency in Revenue Administration in Rajasthan. It also involves strengthening of Strengthening of Expenditure and Revenue Systems, Public Financial Management Framework and Project Management and Capacity Building among others. The project has duration is 5 years.
India and the UNSECO have signed a letter of intent (LoI) for better cooperation in the field of reducing disaster risks and capacity-building In Earth Sciences. The LoI was signed between Ministry of Earth Sciences and UNESCO in the presence of Harsh Vardhan, Union Minister for Science & Technology and Earth Sciences and Irina Bokova, Director General, UNESCO.
- The cooperation between India and UNSECO has been going on for several years now in reducing disaster risks.
- This LoI is considered as historic moment and will help to open up of new vistas of cooperation in not only the ocean-related studies but other areas of cooperation in different fields of scientific activities.
- It will help India to upgrade tsunami warning system and improve the capacity to alert nations about it.
- India has done a considerable research in the field of oceanography and also in terms of disaster management.
- The cooperation is also at the level of universities and institutions. Such cooperation helps in risk reduction especially in situation like tsunami and other natural disaster.