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Government of India and ADB Sign $300 Million Loan to Promote Further Fiscal Reforms in West Bengal

AmaderBharat Web Desk:
24 October, New Delhi:

The Asian Development Bank and the Government of India signed a $300 million loan today to continue a series of fiscal reforms in the State of West Bengal to improve the quality of public service delivery. 

The Second West Bengal Development Finance Program targets a further increase in public investment through reduction of unproductive expenditure, and savings from efficiencies in revenue collections. The Program will build on earlier intervention under Phase I of the project through the $400 million Program that targeted a comprehensive fiscal consolidation program in the state. 

“The Program aims to further deepen the reforms with focus on expenditure rationalization, improvement in revenue administration, and facilitation of more private investment in the state” said Mr. Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance who signed the loan on behalf of the Government of India. 

“The new Program will create the fiscal space necessary to sustain higher public investment in the State which could put the state’s finances on a balanced and sustainable path,” said Mr. Kenichi Yokoyama, ADB Country Director for India, who signed for ADB. The program agreement was signed by Mr. Parwez Ahmad Siddiqui, Secretary, Finance Department, Government of West Bengal.

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