Minister of Finance Dinh Tien Dung pointed out shortcomings in public debt management and put forth solutions to overcome in the coming time while answering questions raised by lawmakers at the fourth session of the 14th National Assembly in Hanoi on November 16.

Minister of Finance Dinh Tien Dung

Dung said it is necessary to map out a roadmap to gradually reduce overspending to ensure public debt safety.

Under the NA’s Resolution 25 on the five-year mid-term financial plan for 2016-2020, the legislature set a target of keeping public debt, government debt and foreign debt not exceed 65 percent, 54 percent and 50 percent of the gross domestic product (GDP), respectively, he elaborated.

The minister said the NA is discussing to adopt the revised Law on Public Debt Management, adding that the Ministry of Finance has proposed the Government promulgate decrees on enhancing the management of public debt and strengthening coordination between ministries and sectors in managing official development assistance (ODA).

More than ever, it is necessary to concentrate loans on key projects and gradually control growth of public debt and reduce State budget over-expenditure, he stressed.

“Controlling overspending is of importance, which means controlling growth of public debt and public debt ceiling,” he said, stressing the need to tighten the Government’s guarantees.

It is also a must to pay debt on time, strictly control public investment, and improve a legal framework for investment, bidding, inspection and audit, Dung added.-VNA