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States » East


Odisha to work with IMF for improving fiscal management, resource augmentation

Bhubaneswar, Nov 11 (UNI) Odisha government has decided to continue to work with
IMF’s South Asia Training and Technical Assistance Center ( SATTAC), New Delhi for
further improving fiscal management and resource augmentation of the State.
The decision was taken at a meeting Chaired Chief Secretary Asit Tripathy with
International Monetary Fund (IMF) Team led by Deputy Director Asia-Pacific
Department Anne Marie Gulde on Public Finance Management system here recently.
SATTAC provides world class capacity development facility to Bangladesh, Bhutan,
Maldives, India, Nepal and Sri Lanka. Apart from capacity enhancement, the center
provides technical assistance support to few states including Odisha.
At the meeting Ms Gulde said, Odisha has shown great interest and progress in
improving PFM. Fiscal reform in Odisha is at cutting edge and on the right path with
sensible approaches.
‘ We will continue our joint effort with Odisha in coming two years for full achievement
of the targets’’ she said.
The fiscal reform issues relating to 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.
SATTAC Director Sukhwinder Singh said, Odisha is the first Indian State to have
introduced strategic budget making and commitment control system.
He said the success of Odisha could be showcased as a model for emulation by
other Indian States.
Principal Secretary Finance Ashok Meena said that under this new system the
finance department would communicate the advance tentative ceiling and the
departments would prepare the detail budget as per their priority keeping in view
need of the people and commitment of the State.
The Chief Secretary directed the departments to take advantage of the new
system and maximize outcomes of the budget utilization.
The Finance Secretary said the State Budget size has increased from Rs. 18,516.52
crore in 2001-02 to Rs. 1.39,000 crore in 2019-20 thereby registering a growth of more
than 18 times. Odisha is now a revenue surplus State.
Overcoming the revenue deficit situation of 5.48 per cent of GSDP in 2001-02, the
State has reached revenue surplus of 2.17 per cent in 2018-19.
The debt stock has decreased from 46.48 per cent of GSDP in 2001-02 to 19.7 per
cent of GSDP in 2019-20.
The fiscal deficit has been reduced from 7.68 per cent to 3.49 per cent during the
period. The capital outlay for infrastructural sector has increased from 1.72 per cent
of GSDP in 2001-02 to 4.53 per cent in 2019-20.
UNI BD DP BM
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