PM’s directive on effective management and use of foreign loans

Hanoi (VNA) – The Prime Minister has recently issued Directive No. 03/CT-TTg on the implementation of the National Assembly Standing Committee’s Resolution No. 582/NQ-UBTVQ4 on a number of tasks and solutions to continue accelerating the implementation of policies and laws on management and use of foreign loans.

Based on the evaluation of the results of the implementation of policies and laws on the management and use of foreign loans, tasks and solutions set out in the Resolution, the Government leader instructs the Ministry of Planning and Investment (MPI) to continue completing the Law on Public Investment and report it to the PM and the Government, before it is submitted to the 14th National Assembly for approval at the upcoming 7th session.

In addition, the MPI is asked to develop the five-year and annual public investment plans for official development assistance (ODA) capital and preferential loans from foreign donors, report the plans to the authorised levels for approval, organise the implementation in line with the progress stipulated in the Law on Public Investment, and examine the disbursement progress and efficiency of projects using foreign loans in accordance with provisions of the law.

The PM also asks the MPI to coordinate with the Finance Ministry (MoF) and other agencies to guide the implementation of orientations for the attraction, management and use of ODA capital and preferential loans from foreign donors in the 2018-2020 period, vision to 2021-2025.

The MoF is requested to complete the building of a directive on enhancing the use of ODA capital and foreign preferential loans for development investment and not for regular spending, while continuing to finalise the orientations for the attraction, management and use of ODA capital and preferential loans in the 2021-2025 period in accordance with the 10-year socio-economic development strategy (2021-2030) and the five-year socio-economic development plan (2021-2015).

The PM asks ministries, sectors and localities to carefully select projects for the use of foreign loans, ensuring the efficiency of use and debt repayment capacity on the basis of improving the quality of project documents and meeting well with Vietnam’s reciprocal conditions. – VNA

Source: Vietnam News Agency