Politics

Economic stimulus package should be built to ensure recovery: NA official

It is necessary to build an economic stimulus package that is big enough to ensure economic recovery and social security, Chairman of National Assembly (NA)'s Committee for Finance and Budget Nguyen Phu Cuong said on October 20.
Economic stimulus package should be built to ensure recovery: NA official ảnh 1Minister of Finance Ho Duc Phoc presents a report on the implementation of the state budget in 2021 at the second session of the 15th National Assembly. (Photo: VNA)
Hanoi (VNA) – It is necessary to build an economic stimulus package thatis big enough to ensure economic recovery and social security, Chairman ofNational Assembly (NA)'s Committee for Finance and Budget Nguyen Phu Cuong said onOctober 20.

Cuong made the suggestion at the second session of the 15th NA which openedin Hanoi on October 20 morning.

He emphasised that economic recovery and creation of resources to ensuresocial security are urgent and important tasks, especially in the context of asharp drop in GDP in the third quarter. Thus, the deployment of the stimuluspackage aimed at restoring the economy and creating impetus for growth is amust, he said.

Earlier Minister of Finance Ho Duc Phoc presented a report on theimplementation of the state budget in 2021, the state budget estimate and central budgetallocation plan for 2022 and the three-year finance - state budget plan for2022 - 2024.

The total state budget revenue in 2021 is forecast to surpass the estimate.However, many important collections did not meet or just exceed the estimate.The central budget revenue shortfall will be about 28-29 trillion VND (1.23billion USD -12.8 billion USD).

Regarding the State budget expenditure in 2021, the state budget has so farspent 30.85 trillion VND on pandemic prevention and control since the outbreakof COVID-19 pandemic.

Cuong pointedout that there are still some limitations in the implementation of the 2021public investment plan such as the disbursement from the beginning of the yearhasn’t reached the desired target and is lower than the same period lastyear.

Referring to the state budget revenue estimate in 2022, Cuong mentioned theneed to take into account the decrease in revenue because the exemption,reduction and extension of taxes, fees and charges are likely to be renewed incase the pandemic continues to have a negative impact on production and business.

The state budget spending should be strictly complied with the Constitution and State Budget Law, he said./.
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