Minister: ODA disbursement at alarming pace hinh anh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – Disbursement of official development assistance (ODA) hit over 1.6 trillion VND in the first five months of this year, equivalent to only 2.7 percent and 5.6 percent of targets assigned by the National Assembly and Government for the whole year, respectively, which were alarming figures, said Finance Minister Dinh Tien Dung on June 26.

During a teleconference held by the Finance Ministry in Hanoi, Dung said disbursement of ODA and foreign preferential loans has failed to meet estimate since 2016.

Under the 2016 – 2020 public investment plan, the total ODA and foreign preferential loans will reach 360 trillion VND (15.6 billion USD). By late 2019, more than 244 trillion VND will be disbursed for the 2016-2019 period.

Head of the Finance Ministry’s Department of Debt Management and External Finance Truong Hung Long said over 60 projects still lack a combined capital of more than 34 trillion VND.

He mentioned obstacles regarding investment, relending, expense control and capital withdrawal procedures.

The Finance Ministry suggested that the Government assign the Ministry of Planning and Investment (MPI) to work with ministries and agencies to build a new decree on ODA and preferential loan management, and simplify procedures to increase capital annually.

The MPI was also advised to report to the Prime Minister about the disbursement of 60 trillion VND assigned by the legislature.

In order to accelerate disbursement, efforts of ministries, agencies, investors and sponsors is needed, Dung added.-VNA