Public Financial Management Project 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.