Manipur completes urban local body reforms, can borrow Rs 75 cr more
Imphal: Manipur has become the fourth state in India to successfully undertake the Urban Local Bodies (ULB) reforms stipulated by the Department of Expenditure, the Ministry of Finance said on Tuesday.
With this, Manipur has become eligible to mobilise additional financial resources of Rs 75 crore through Open Market Borrowings. The other three states to have completed the ULB reforms so far are Andhra Pradesh, Madhya Pradesh and Telangana.
Permission for the same was issued by the Department of Expenditure on Monday, a statement issued by the Ministry of Finance said.
On completion of ULB reform, these four states have been granted additional borrowing permission of Rs 7,481 crore, it said.
As per the Finance Ministry, besides Manipur, Andhra Pradesh has been permitted to borrow additional resources of Rs 2,525 crore, Madhya Pradesh with Rs 2,373 and Rs 2,508 crore for Telangana.
Reforms in the urban local bodies and urban utility reforms are aimed at financial strengthening of ULBs in states and to enable them to provide better public health and sanitation services, said the statement.
Economically rejuvenated ULBs will also be able to create good civic infrastructure, it added.