World Bank approves $150 million loan to Punjab for better finances & public services

The World Bank (WB) has approved a loan of $150 million (nearly ₹1,200 crores) to Punjab for The ‘Punjab: Building Fiscal and Institutional Resilience Program, aimed at helping better manage its financial resources and improve access to public services. “The ‘Punjab: Building Fiscal and Institutional Resilience Program’ aims to strengthen the institutional capabilities of various government departments, manage fiscal risks and make informed policy choices to support sustainable growth.

  • The new project will play an important role in achieving the Punjab development goals by strengthening planning, budgeting and monitoring functions and leveraging digital technology.
  • The ‘Punjab: Building Fiscal and Institutional Resilience Program contain two initiatives. 1) a performance-based grants system for incentivising municipal corporations to improve service delivery. 2) demonstrating 24×7 water supply in select areas in Amritsar and Ludhiana.

About World Bank –

  • Headquarters: Washington, D.C., United States
  • President: David Malpass
  • Founded: July 1944, Bretton Woods, New Hampshire, United States
  • Motto: Working for a World Free of Poverty
  • Founders: John Maynard Keynes, Harry Dexter White

About Punjab –

  • Chief Minister: Bhagwant Mann
  • Area: 50,362 km²
  • Capital: Chandigarh
  • Governor: Banwarilal Purohit
  • Population: 2.8 crores
  • Dance – Bhangra, Giddha
  • Mammal – Blackbuck
  • Bird – Baaz
  • Flower – Gladiolus
  • Tree – Sheesham (Dalbergia sissoo)

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