Vadodara: The Vadodara Municipal Corporation (VMC) says it has become the first civic body in the country to instate a debt management policy (DMP). The policy, drawn up with guidance from the US treasury department, outlines the conditions under which VMC can issue debt instruments or take advances.The policy was introduced as VMC’s capital expenditure has risen with a growing number of projects, including those requiring the civic body’s contribution under government schemes. To meet these obligations, VMC has increasingly relied on bonds and advances. Under the Smart Cities Mission, the Union ministry of housing and urban affairs has an arrangement with the US treasury department to support six Indian cities in issuing municipal…
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