{"id":2821,"date":"2019-06-27T07:14:29","date_gmt":"2019-06-27T07:14:29","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=2821"},"modified":"2019-07-12T10:55:39","modified_gmt":"2019-07-12T10:55:39","slug":"world-bank-signs-31-58-million-loan-agreement-to-help-strengthen-uttarakhands-public-financial-management-systems","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/world-bank-signs-31-58-million-loan-agreement-to-help-strengthen-uttarakhands-public-financial-management-systems\/","title":{"rendered":"World Bank Signs $31.58 million Loan Agreement to Help Strengthen Uttarakhand\u2019s Public Financial Management Systems"},"content":{"rendered":"\n<p>The Government of India, the Government of Uttarakhand and\nthe World Bank today signed a loan agreement of $31.58 million for the <strong>Uttarakhand\nPublic Financial Management Strengthening Project<\/strong> that will help improve\nthe state\u2019s ability to manage its finances and better utilize funds for\ndevelopment purposes. The project is part of World Bank&#8217;s public financial\nmanagement engagements at the state level, following similar projects in\nHimachal Pradesh, Assam, Rajasthan, and Chhattisgarh.<\/p>\n\n\n\n<p>The project will support the state government\u2019s initiative\nto build and modernize the technical and financial management capabilities of\nits local bodies and state-owned enterprises.<\/p>\n\n\n\n<p><em>\u201cThe Government of Uttarakhand has worked over the last\ndecade to strengthen its public financial management systems,\u201d<\/em> said <strong>Sameer\nKumar Khare<\/strong>, Additional Secretary, Department of Economic Affairs, Ministry\nof Finance.&nbsp; <em>\u201cThe World Bank supported project will help the state\nenhance accountability in public finances and increase effectiveness of revenue\nmanagement systems in Uttarakhand.\u201d<\/em><\/p>\n\n\n\n<p>The Loan Agreement was signed by&nbsp;<strong>Sameer Kumar Khare<\/strong>,\nAdditional Secretary, Department of Economic Affairs, Ministry of Finance, on\nbehalf of the Government of India; <strong>Savin Bansal<\/strong>, Additional Secretary,\nFinance Department and Deputy Project Director, on behalf of the Government of\nUttarakhand; and&nbsp;<strong>Shanker Lal<\/strong>, Acting Country Director, World Bank\nIndia, on behalf of the World Bank<\/p>\n\n\n\n<p><em>\u201cUttarakhand has made substantive progress in reducing\npoverty over the years. This project will help the state deploy relevant\ntechnologies to further streamline the management of its finances \u2013 leading to\na more efficient execution of public projects. This in turn will help the\npeople of Uttarakhand access more and better-quality public services,\u201d <\/em>said\n<strong>Junaid Kamal Ahmad<\/strong>, Country Director, World Bank India.<\/p>\n\n\n\n<p>The project components will improve capacity in the areas of\ncash and debt management, planning and budgeting, appraisal and monitoring of\nhigh value projects and public audit. It will support measures to improve\ntransparency of budget and procurement information. Using GIS mapping\ntechnologies, the project will also strengthen the state\u2019s revenue management\nsystems, including that of urban local bodies.<\/p>\n\n\n\n<p>The project will benefit the citizens of Uttarakhand by\ncreating a more transparent and efficient system of management of public\nfinances, including administration of tax and non-tax revenues.<\/p>\n\n\n\n<p><em>\u201cThe project will help Uttarakhand to improve its revenue\nbase for greater availability of resources for its development needs. It will\ndraw on experiences from states such as Himachal Pradesh, Assam, Rajasthan and\nChhattisgarh that will help Uttarakhand in designing and implementing effective\nsolutions,\u201d <\/em>said <strong>Krishnamurthy Sankaranarayanan <\/strong>and <strong>Puneet Kapoor<\/strong>,\nthe task team leaders for the project.<\/p>\n\n\n\n<p>The $31.58 million loan from the International Bank for Reconstruction and Development (IBRD), has a 5 years grace period, and a final maturity of 11 years.<\/p>\n\n\n\n<p><strong>About Uttarakhand&nbsp;<\/strong><br>Capital: Dehradun&nbsp;<br>Chief Minister: Trivendra Singh Rawat&nbsp; <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government of India, the Government of Uttarakhand and the World Bank today signed a loan agreement of $31.58 million for the Uttarakhand Public Financial Management Strengthening Project that will help improve the state\u2019s ability to manage its finances and better utilize funds for development purposes. The project is part of World Bank&#8217;s public financial [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":2822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[70],"class_list":["post-2821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-uttarakhand-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=2821"}],"version-history":[{"count":3,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2821\/revisions"}],"predecessor-version":[{"id":3666,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2821\/revisions\/3666"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/2822"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=2821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=2821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=2821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}