Islamabad: The Punjab government is seeking a loan worth USD 180 million from the World Bank (WB) to implement its ‘Punjab Public Resource Management Programme’ for improving resource mobilisation in the province, a news source reported.
The estimated cost of the said initiative is USD 304 million; including the loan amount sought from the international financial institution. To this effect, the World Bank’s executive board is expected to address the provincial executive’s request in August.
The programme holds immense significance as it would align Public Financial Management (PFM) and tax system with the federal frameworks. Additionally, it would enhance the PFM reforms and new tax administration practices at the level that most affects the common citizen.
The programme is linked with the development plans of Punjab Growth Strategy 2023 and the PFM strategy, which is undergoing modifications based on the assessment of Public Expenditure and Financial Accountability (PEFA).