Prime Minister values WB’s role in Vietnam’s development hinh anh 1Prime Minister Nguyen Xuan Phuc (R) receives World Bank CEO Kristalina I. Georgieva on March 23 (Photo: VNA)

Hanoi (VNA)Prime Minister Nguyen Xuan Phuc received World Bank (WB) CEO Kristalina I. Georgieva in Hanoi on March 23, valuing the WB’s role in Vietnam’s socio-economic development, especially in poverty elimination.

He said the next five years are important to the country’s development as aside from promoting economic growth and ensuring social welfare, Vietnam will have to build a solid institutional foundation serving as the basis for realising the set orientations and strategies.

The top targets are to stablise the macro-economy, promote the implementation of strategic breakthroughs, restructure the economy in association with growth model reform, ensure social welfares, proactively respond to climate change, and strive for an average growth rate of 6.5 – 7 percent between 2016 and 2020.

However, an array of challenges remain in the course of integration and economic development, he noted, adding that Vietnam is also heavily affected by climate change. Therefore, the country needs assistance from sponsors, including the WB, to help it achieve the set targets.

Due to the high demand for investment and support, Vietnam hopes that aside from the International Development Association’s support, the WB will increase assistance from other organisations of the WB Group such as the International Bank for Reconstruction and Development, the Multilateral Investment Guarantee Agency, and the International Finance Corporation, to maximize the effectiveness of support to Vietnam, PM Phuc said.

He affirmed that Vietnam pledges to use foreign loans, including those provided by the WB, in an effective fashion.

For her part, CEO Georgieva said Vietnam’s successes are the results of sound policies. She also thanked the Vietnamese Government and agencies for their close cooperation with the WB and hoped that the strong partnership will be maintained in the future.

She underlined the willingness to work with the Vietnamese Government to pinpoint the growth momentum for the economy and to assist the country to counter economic and natural disaster shocks.

Vietnam still has much room for economic development, she said, adding that the WB will continue cooperating with and supporting the country during its development.

The WB CEO also asked the Vietnamese Government to ensure resources allocated for projects using WB loans, noting that she will assign the WB Country Director for Vietnam to closely work with local agencies to address any issues emerging.-VNA