Monday, November 3, 2014

Palace welcomes new loan from World Bank

The Palace welcomes the new 300 million US dollar loan grant from the World Bank, Presidential Communications Operations Office Herminio Coloma, Jr., announced on Sunday (Nov. 2).

The new loan aims to boost fiscal sustainability and governance transparency for a sustained and inclusive growth.

"Malugod na tinatanggap ng Pilipinas ang pagkakaloob ng World Bank ng 300 milyong dolyar na pautang upang patatagin ang mga programa at mekanismo na may kinalaman sa fiscal transparency at pangangasiwa ng pondo ng bayan, alinsunod sa hangarin ni Pangulong Aquino na gawing permanente ang transpormasyon at repormang panlipunan," said Coloma.

According to Finance Secretary Cesar Purisima the loan will fund the government projects with an annual interest of less than one percent per year, said Coloma.

"Ito ay manipestasyon ng tiwala at suporta ng World Bank sa programs ng Aquino administration sa larangan ng mabuting pamamahala at pagpapahusay ng fiscal transparency," he added.
 Under the loan, the country will receive from the World Bank support in strengthening priority public investment implementation, reducing the cost of doing business for jobs creation and poverty reduction, developing the human capital of the poor, promoting fiscal transparency and good governance, as well as consolidating fiscal sustainability through revenue mobilization and risk management.

The main focus of the loan will be infrastructure development and the streamlining of business registration processes for micro, small and medium enterprises.

Besides the Department of Finance other government agencies that will also be involved are the: Department of Budget and Management, Department of Public Works and Highways, Department of Tourism, Department of Agriculture, Climate Change Commission, Department of Trade and Industry, Department of Social Welfare and Development, Department of Education, and Department of Health. (PCOO News Release)

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