The World Bank has approved a US $44 million loan assistance to improve the predictability and transparency in budget execution and efficiency in tax administration in the State under Assam State Public Finance Institutional Reforms (ASPIRe) Project.
A government spokesman said on Wednesday that the board of executive directors of the World Bank (International Bank for Reconstruction and Development) in its meeting held on June 15 last at Washington DC approved the loan assistance.
Chief minister Sarbananda Sonowal expressed sincere gratitude towards Prime Minister Narendra Modi for supporting this ambitious project and facilitating the approval. State finance minister Himanta Biswa Sarma stated that the State government would dedicate this Rs 283 crore project to the people of Assam and expressed his belief that this project will transform the public finance management in the State and citizens will immensely benefit from the project in terms of transparent, efficient and effective governance.
The core objectives of this project include reduction in the share of discretionary expenditure in last quarter of financial year, public access to key budget execution reports and procurement contracts, and reduction in cost of collection of tax revenue in taxation and excise department.