The World Bank (WB) on June 25 approved the eighth Poverty Reduction Support Credit (PRSC 8) worth 350 million USD, up 200 million USD against 2008, in order to help Vietnam overcome the negative impacts of the global economic crisis.

As part of a series of the WB’s annual operations since 2001, the PRSC 8 will help Vietnam continue implementing the on-going stimulus package and provide direct budget support to promote the government’s implementation of the social economic development plan in the 2006-2010 period.

“So far, the government’s stimulus package has had its positive impacts on the economy. The proposed operation is processed under the International Development Association (IDA) Financial Crisis Response Fast Track Facility in order to help meet the financing necessary to implement the government’s fiscal stimulus package as well as the reform programme supported by the PRSC operation,” said Victoria Kwakwa, the WB’s Country Director for Vietnam in a press release issued on the same day.

According to the WB press release, the PRSC 8 is made in the context of Vietnam gaining certain achievements in improving its business environment, social integration and natural resource management.

The WB also envisages a total of more than 4 billion USD in commitments to support Vietnam ’s development over the coming two years. The credit will come from both the confessional lending source and the source for middle income countries./.