Muhith may request Pranab to expedite $1.0b credit process
Thursday, 24 February 2011
Finance Minister AMA Muhith, now in New Delhi, is likely to request his Indian counterpart Pranab Mukherjee to expedite the process of inclusion of selected projects in the one billion-dollar Indian line of credit, reports UNB.
Muhith went to the Indian capital Wednesday morning to attend the world conference on 'South Asia: Democracy, Sustainable Development and Peace'.
During his stay in Delhi, he is also likely to meet Indian Prime Minister Dr Manmohan Singh and Foreign Minister SM Krishna before returning home Sunday.
According to Finance Ministry sources, ECNEC has so far approved 19 projects for inclusion in the Indian line of credit.
In the last one week, Economic Relations Division (ERD) received three detailed project reports (DPRs) from different ministries and divisions and these are under scrutiny. The DPRs for the remaining projects are under process by the ministries and divisions concerned.
After scrutiny, the ERD will start sending the DPRs immediately to the Indian authority for inclusion in the Indian line of credit.
According to the sources, the broad terms and conditions are embodied in the main umbrella agreement, but procedures for selecting the projects and the detailed conditions for utilising the credit were not clearly spelled out.
It was learnt that upon mutual discussions with the Indian authorities at different times, ERD has finalised the procedure and format of DPR for inclusion of the projects in the Indian credit.
Muhith went to the Indian capital Wednesday morning to attend the world conference on 'South Asia: Democracy, Sustainable Development and Peace'.
During his stay in Delhi, he is also likely to meet Indian Prime Minister Dr Manmohan Singh and Foreign Minister SM Krishna before returning home Sunday.
According to Finance Ministry sources, ECNEC has so far approved 19 projects for inclusion in the Indian line of credit.
In the last one week, Economic Relations Division (ERD) received three detailed project reports (DPRs) from different ministries and divisions and these are under scrutiny. The DPRs for the remaining projects are under process by the ministries and divisions concerned.
After scrutiny, the ERD will start sending the DPRs immediately to the Indian authority for inclusion in the Indian line of credit.
According to the sources, the broad terms and conditions are embodied in the main umbrella agreement, but procedures for selecting the projects and the detailed conditions for utilising the credit were not clearly spelled out.
It was learnt that upon mutual discussions with the Indian authorities at different times, ERD has finalised the procedure and format of DPR for inclusion of the projects in the Indian credit.