Tightened lending to anal training local governments

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The government has tightened lending of foreign funds to the local government in the context of ODA will all be paid interest and incentive mechanisms to 1-7.


According to Decree No. 52/2017 / ND-CP of the Government dated 28-4-2017 lending foreign loans, the provincial People's Committee borrow from ODA capital and preferential loans only if no debt of the Government of more than 180 days overdue.

The obligation to pay annual Jav Rape debt of People's Committees at provincial level for loans to ODA, preferential loans does not exceed 10% of the revenues local budgets have been awarded as assigned at the time of considering the loan back.

Moreover, decree projects competent authorities allowing mobilization plan loans under the medium-term investment by local competent authorities for approval. These projects must be allocated counterpart funds.

These conditions are more stringent than in the past, when ODA loans usually styled "allocated", or rather "rent-seeking" with the local government after government lending.

Mr. Nguyen Xuan Thao, Deputy Director General of Debt Management and External Finance said at the press conference of the Ministry of Finance 31-5 pm: "Now less preferential loans, the Government must have a mechanism for lending with local authorities ".

According to the Ministry Jav Anal of Finance, in the period 2004-2015, Vietnam foreign borrowing about 45 billion dollars, of which almost 29.5 billion dollars spent on projects in the task of local budget expenditures. In the local expenditure, up to 92.2% of capital expenditures as capital is allocated, only 7.8% for local funds are lent.

Mr. Thao explained, the stage before more local implementation of ODA projects focus on the field of hunger eradication and poverty reduction, infrastructure should not bring direct revenue to the budget.

"Local which wishes to be allocated to support ODA much pressure on local budgets," he said.

According to the Ministry of Finance since 2010 when Vietnam has become a middle-income country, the level of preferential loans from development partners for Vietnam dropped markedly.

From May 7-2017, Vietnam no longer borrow from the World Bank (WB) under the conditions of the ODA, then to other development partners; Vietnam to switch to using mostly preferential loans and advances to total loans under market conditions.

The Finance Ministry said the allocation mechanism also begins to reveal some limitations, does not ensure the support of the Central Government evenly to the local. Some great local support, local little harder supported less (due to the size of the smaller projects). The level of local not encouraged to maximize the autonomy to achieve optimal use of capital.

At the same time, the Law on State Budget 2015, with effect from budget year 2017 has officially defined the rights of local debt through overspending regulations, debt limit ...

So it's time to tighten the regulations issued today.

Currently, only 13 local self-balance the revenue and expenditure and regulation of central and other regions more difficult, some localities particularly difficult.

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