Govt hires IVA for USD400m ADB-backed SOEs, NHA reforms

The government has initiated the hiring of an Independent Verification Agency (IVA) to oversee and validate reforms under a USD 400 million Asian Development Bank (ADB)-funded programme aimed at improving the governance and financial performance of 39 state-owned enterprises (SOEs) and the National Highway Authority (NHA), which collectively carry liabilities of nearly USD 12 billion. These entities are struggling under a mounting debt burden, with disbursement of international financing tied directly to independently verified performance targets, said an official document.