ADB to extend $300 Million loan to facilitate fiscal reforms in West Bengal

New Delhi, Oct 26 (KNN) Eyeing at empowering fiscal reforms in the state of West Bengal, the state government recently inked pact with the Asian Development Bank (ADB) extracting loan worth 300 million dollars. Along with its focus of bringing fiscal reforms, the ADB is also to seek simplification in conduction business and easy licensing procedures for the Micro, Small and Medium Enterprises (MSMEs).

The 300 Million powered program that spreads over a period of two years will focus on reforms including linking medium-term expenditure plans to actual budgets. This would be facilitated by the means of strengthening internal audit system, and enhancements in the integrated financial management system (IFMS).

Also improved tax monitoring and uninterrupted support for information technology systems in strengthening tax and land administration is to be a part of the implementation phase of the program.

Asian Development Bank’s Country Director for India, Kenichi Yokoyama in a press interview said that the new agreement is likely to create the reformed fiscal space that is the need of the hour in order to sustain higher public investment.

The newly inked pact is a part of the ongoing earlier intervention under Phase I of the project through the $400 million Program that targeted a comprehensive fiscal consolidation program for the state of West Bengal. (KNN/DA)