Domestic and foreign economists offered helpful ideas about mid-term financial policy making to Vietnam during a workshop held in Hanoi on May 15.
Consultant Paul Beckerman said national spending, balance of payment, foreign debts and currency accounts should be considered in making mid-term financial forecasts.
A representative from the US Agency for International Development (USAID) also stressed the need to design a mid-term financial framework, saying forecasts on budget account movements over the next couple of years will be useful when designing budget estimates.
Dr. Vu Sy Cuong from the Academy of Finance said the mid-term financial framework will align fiscal policy with socio-economic development goals, repair imbalances in the allocation of financial resources and define investment priorities towards a more transparent budget.
However, he also pointed out existing weaknesses including the limited capacity of statistics, analysis and forecasts, macro-economic fluctuations and insufficient legal frameworks.
Piloting four mid-term financial plans for six ministries and four provinces from 2006-2011, Vietnam achieved progresses in improving the transparency of local budget management as well as relevant cooperation between ministries and localities.
The event was hosted by the Ministry of Planning and Investment.-VNA
Consultant Paul Beckerman said national spending, balance of payment, foreign debts and currency accounts should be considered in making mid-term financial forecasts.
A representative from the US Agency for International Development (USAID) also stressed the need to design a mid-term financial framework, saying forecasts on budget account movements over the next couple of years will be useful when designing budget estimates.
Dr. Vu Sy Cuong from the Academy of Finance said the mid-term financial framework will align fiscal policy with socio-economic development goals, repair imbalances in the allocation of financial resources and define investment priorities towards a more transparent budget.
However, he also pointed out existing weaknesses including the limited capacity of statistics, analysis and forecasts, macro-economic fluctuations and insufficient legal frameworks.
Piloting four mid-term financial plans for six ministries and four provinces from 2006-2011, Vietnam achieved progresses in improving the transparency of local budget management as well as relevant cooperation between ministries and localities.
The event was hosted by the Ministry of Planning and Investment.-VNA
