A centre for fiscal policy-public finance will be established
West Bengal is getting a US$50 million policy-based loan from the Asian Development Bank (ADB) to improve financial management procedures and operational efficiencies aimed at achieving more fiscal savings, promote informed decision making, and improve service delivery in the state.
The loan-supported programme will ensure streamlining of social protection benefits such as pension and provident fund, facilitate gender-disaggregated data, tax payments, and revenue collection, said Takeo Konishi, Country Director of ADB’s India Resident Mission on signing the loan for ADB on 2 Dec 2020.
Integration of the state’s financial and information systems through the programme’s whole-of-government approach will help improve the delivery of public services and generate fiscal savings that could help the state augment growth-enhancing development financing, said Dr. C. S. Mohapatra, Additional Secretary, Department of Economic Affairs after signing the loan.
Development projects could be better tracked and monitored with the help of a new module within the integrated financial management system (IFMS) leading to improved project management, said the Ministry of Finance.
A centre for fiscal policy and public finance will be established to deepen the capacity of the state government officials on public finance management while developing a web-based grievance redress system for transport corporations and urban local bodies will provide a credible citizen-government interface.
The loan builds upon past ADB policy-based programmes in 2012 and 2017, supporting the Government of West Bengal on sustainable public financial management reforms.
These programmes helped develop and implement an IFMS, established successful e-Governance systems for improved revenue administration, undertook measures for expenditure rationalisation, and promoted the private sector’s involvement in service delivery.
The loan is proposed to be supplemented by a US$350,000 technical assistance grant for capacity building, monitoring of IFMS reforms, and strengthening the integration of social and gender aspects in reform areas. #banking #technology #management #taxes #ADB /fiinews.com
