ISLAMABAD: The World Bank's Board of Executive Directors has approved $304 million in financing for Punjab Resource Improvement and Digital Effectiveness (PRIDE) Program. According to the project documents, the total cost of the projects is $554 million where International Bank of Reconstruction and Development (IBRD) will provide loan of $304 million with maturity period of 30 years and grace period of five years.
The programme supports efficiencies in public resource management that generate savings and create fiscal space for growth-generating investments in the Punjab province.
"The PRIDE program is integral to the World Bank's whole-of-country approach in helping Pakistan strengthen public financial management systems at the federal and provincial levels," said Najy Benhassine, World Bank Country Director for Pakistan.
"Punjab is the largest province, accounting for 55 percent of the population and about 60 percent of the economy, so improving quality and access to public services is key to Pakistan's development," he added.
The PRIDE Programme will support the government of Punjab in strengthening fiscal risk management and budget formulation to ensure reliable resource allocation for public services.
The programme will improve revenue collection by increasing registration of businesses and real estate, and simplifying tax administration processes such as registration, filing, payment, refunds, and appeals.
In the wake of the COVID-19 pandemic, the programme also focuses on deploying technology-based solutions to enhance public-service delivery and increase access to online services for firms and individuals.
This will support Punjab in digitizing key government services to streamline processes and increase efficiencies in the public-service delivery.
"With prolonged restrictions on face-to-face services due to COVID-19, the PRIDE program will help the provincial government expand its existing citizen feedback model and accelerate the use of technology for revenue mobilization and public procurement," said Akmal Minallah, Task Team Leader for the programme.
"The program also puts in place monitoring and transparency mechanisms at the provincial and local levels that increase government accountability."
The PRIDE supports the Punjab Growth Strategy and the Punjab Public Financial Management Reforms Strategy, which both aim at developing a robust public financial management system.
The programme also aligns with the Responsive Investment for Social Protection and Economic Stimulus that the Government of Punjab designed to stimulate recovery from the pandemic and increase resilience to future shocks. Together with PRIDE, these initiatives layout a roadmap for Punjab to accelerate digitisation of government services and ensure business continuity during emergencies.
Copyright Business Recorder, 2020
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