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Finance Minister: Loans should be concentrated on key projects

Minister of Finance Dinh Tien Dung pointed out shortcomings in public debt management and put forth solutions to overcome in the coming time while answering questions raised by lawmakers at the fourth session of the 14th National Assembly in Hanoi on November 16.
Finance Minister: Loans should be concentrated on key projects ảnh 1Minister of Finance Dinh Tien Dung (Photo VNA)

Hanoi (VNA) – Minister of Finance Dinh Tien Dung pointedout shortcomings in public debt management and put forth solutions to overcomein the coming time while answering questions raised by lawmakers at the fourthsession of the 14th National Assembly in Hanoi on November 16.

Dung said it is necessary to map out a roadmap to gradually reduceoverspending to ensure public debt safety.

Under the NA’s Resolution 25 on the five-year mid-term financial planfor 2016-2020, the legislature set a target of keeping public debt, governmentdebt and foreign debt not exceed 65 percent, 54 percent and 50 percent of thegross domestic product (GDP), respectively, he elaborated.

The minister said the NA is discussing to adopt the revised Law on PublicDebt Management, adding that the Ministry of Finance has proposed the Governmentpromulgate decrees on enhancing the management of public debt and strengtheningcoordination between ministries and sectors in managing official developmentassistance (ODA).

More than ever, it is necessary to concentrate loans on key projects andgradually control growth of public debt and reduce State budget over-expenditure,he stressed.

“Controlling overspending is of importance,which means controlling growth of public debt and public debt ceiling,” hesaid, stressing the need to tighten the Government’s guarantees.

It is also a must to pay debt on time, strictlycontrol public investment, and improve a legal framework for investment,bidding, inspection and audit, Dung added.-VNA

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#Minister of Finance Dinh Tien Dung #shortcomings in public debt management #lawmakers #fourth session of the 14th National Assembly #reduce overspending to ensure public debt safety #financial plan #evised Law on Public Debt Management #official development assistance (ODA)
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