Current Affairs - State - Discussion

The Government of India, the State Government of Uttarakhand and the World Bank signed a tripartite Loan Agreement of $31.58 million (about Rs 221 crore) for Uttarakhand Public Financial Management Strengthening Project. This will help improve the State's ability to manage its Financial Systems and lead to Better Utilization of Development Resources. The loan agreement was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the central government, Savin Bansal I.A.S, Additional Secretary, Finance of Uttarakhand on behalf of the Govt of Uttarakhand and Shanker Lal, Acting Country Director, World Bank India. The Project will benefit the citizens of Uttarakhand by enhancing accountability in public finances including administration of tax and non-tax revenues. The $31.58 Million Loan from the World Bank's International Bank for Reconstruction and Development (IBRD), has a 5 year grace period, and a final maturity of 11 years.