PM ratifies 500 mln USD loan deal with ADB

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VietStock FI English - 104 month(s) ago 6 readings

Prime Minister Nguyen Tan Dung has ratified a 500 million USD fiscal support loan for Vietnam which grew out of State Bank of Vietnam ’s negotiation with the Asian Development Bank (ADB).

According to the official document No 1747/TTg-QHQT, the Prime Minister delegated the State Bank of Vietnam Governor to sign the five-year loan agreement with the ADB representative.

The Ministries of Foreign Affairs and Justice were assigned to closely collaborate with the State Bank to implement the necessary legal procedures for the quick signing and implementation of the agreement.

The Ministry of Planning and Investment was tasked with setting up an inter-ministerial sub-committee on the loan according to its commitments with the ADB.

Earlier, PM Dung has asked ministries and relevant agencies dealing with the negotiations for and the use of this loan to actively work with one another and take proper solutions to ensure the quick disbursement and effective use of the money.

The ADB on September 15 approved a loan worth 500 million USD to Vietnam , saying the money is aimed at financing the government’s critical public expenditure programmes in 2009 and 2010.

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