World Bank's Board of Executive Directors has approved a loan assistance of 44 million dollars for the Assam State Public Finance Institutional Reforms (ASPIRe) Project.
The loan was sanction by World Bank (International Bank for Reconstruction and Development) in its meeting held on June 15 at Washington DC, USA, an official release said here today.
Chief Minister Sarbananda Sonowal expressed his gratitude towards Prime Minister Narendra Modi for supporting the ambitious project and facilitating the approval.
The project aims at improving predictability and transparency in budget execution and efficiency in tax administration in Assam.
All government departments and functionaries - specially finance, taxation and excise departments - will benefit immensely from this project while the citizens of Assam will see transformative benefits accruing to them through efficient processes, better service delivery such as electronic payments and collections for services.
ASPIRe project is based on three important components that act as pillars for institutional reforms - strengthening public finance institutional capacity, strengthening expenditure and revenue information systems and on-project management, monitoring and evaluation, and coordination.
Assam Finance minister Himanta Biswa Sarma said the state government will dedicate this Rs 283 crore project to the people of the state.
As part of the project preparation, three project implementation units and a project management unit have already been set up.
The ASPIRe Project is for five years and is expected to be completed by March 31, 2022.
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