Supportive of India's moves on modernising government accounting standards, World Bank on Monday said it would help the bank in moving away from an individual 'ring-fenced' project financing to a broad-based assistance to the Centre and states' programmes as part of efforts to double its lending to about $3 billion in 2-3 years.
"It (moves to improved government accounting standards) will help us in moving away from a ring-fenced financing for the projects," World Bank Country Director Michael Carter said at in international seminar 'Standard-setting for Government Accounts,' jointly organised by the Comptroller and Auditor General of India and the Institute of Chartered Accountants of India in New Delhi.
Stressing that the World Bank was moving towards a 'new approach for loan financing', Carter said it could provide assistance to governmental programmes generally rather than funding individual projects as part of efforts to monitor the progress made.
This assurance assumes significance at a time when the World Bank indicated doubling its lending to India to $2.5-3.0 billion annually within 2-3 years.
The assistance to the governmental programmes could be in the Central and state spheres, he said, adding that by moving towards a broad government programme financing, the bank would be able to ensure financial discipline among the beneficiaries.
"We are supportive of India's developing standards (for the governmental accounting), Carter said, adding that the objective should be to have good quality and internationally consistent standards."