ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Calcutta Diary

November 6, 1982 Calcutta Diary A M EITHER tile Ministry of Finance, or the Planning Commission, or perhaps both, are in the habit of addressing, from time to time, stern letters to the state governments: they should set up special cells with the explicit responsibility of preparing projects which could be pressed with the World Bank, or its soft-loan affiliate, the International Development Association, for possible financing. In matters involving finance, suggestions emanating from the Union government are as good as commands. Most state governments have set up such cells. The Ministry of Finance could not be any happier. The shelf of 'bankable' projects will henceforth be full; the Ministry will now be in a position to present to the Bank or the IDA, one after another, project after project, for loan or credit, loan if from the World Bank, credit if from the IDA. Once loan or credit agreements for individual projects have been signed, foreign exchange accrues to the Ministry, and all becomes right with the World.

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