Odisha To Work With IMF For Better Fiscal Management

Bhubaneswar: The Odisha government will work will the South Asia Training and Technical Assistance Centre (SATTAC) of the International Monetary Fund (IMF) to improve fiscal management and augment resources in the state.

This was decided at a high-level meeting on public finance management (PFM) system between the state government and a team of the IMF officials presided over by chief secretary Asit Tripathy at the Lok Seva Bhawan here on Monday.

Deputy director of IMF’s Asia-Pacific department Anne Marie Gulde said Odisha is one of the most active states in India showing great interest and progress in improving the PFM. “We are impressed by the level of political will, technical preparedness, administrative commitment and the degree of progress that have already been made. We will continue our joint effort with Odisha for the next two years for full achievement of the targets,” she added.

Issues on fiscal reforms relating to the implementation of strategic fiscal planning, strategic budget making, preparation of fiscal strategy paper, Odisha Fiscal Responsibility and Budget Management Act, fiscal risk management, cash management, commitment management and control CMC) system, common treasury management and e-procurement were deliberated in the meeting.

Mentioned below are the fiscal indicators of Odisha which were reviewed in the meeting.

— The state budget size increased to 18 times from Rs 18,516.52 crore in 2001-02 to Rs 1,39,000 crore in 2019-20.
—The state is now a revenue surplus state by overcoming the revenue deficit situation of 5.48% of GSDP in 2001-02 and reaching revenue surplus of 2.17% in 2018-19.
—The debt stock has decreased from 46.48% of GSDP in 2001-02 to 19.7% of GSDP in 2019-20.
—Fiscal deficit has been reduced from 7.68% to 3.49% during the period.
—The capital outlay for the infrastructural sector has increased from 1.72% of GSDP in the year 2001-02 to 4.53% in the year 2019-20.

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