An agreement for IBRD Credit of USD 36 Million from World Bank for “Himachal Pradesh Public Financial Management Capacity Building Program” was signed in New Delhi.
The Implementing Entity Agreement was also signed.
The objective of the project is to improve the efficiency of Public Expenditure Management and Tax Administration in Himachal Pradesh.
The Program is expected to contribute to enhancing efficiency of key departments, improving budget credibility, strengthening systems and procedures to improve fiscal discipline, improving revenue administration to increase fiscal space, and targeted organizational reforms including human resource reforms.
The Program focuses on the priority areas identified by the GoHP, which were articulated in various stakeholder workshops during Program preparation.
The programme size is USD 45 million, of which USD 36 million will be financed by the Bank, and the remaining amount will be funded out of State Budget. The duration is 5 years.
