Deputy PM Pham Binh Minh asked for reviewing approved 26 projects using foreign loans in period 2017-2018 which are not listed in the mid-term public investment plan so that these projects could be carried out soon after the signing of credit agreements to optimize the effectiveness of foreign loans. 

Deputy PM Pham Binh Minh chairs a meeting to tackle obstacles and enhance the preparations and implementation of 26 projects using loans from the World Bank (WB) and the Asian Development Bank (ADB) in the 2017-2018 phase, Ha Noi, May 2, 2018 - 

The Deputy PM made that statement on May 2 at a meeting to review preparations and implementation of 26 projects using loans from the World Bank (WB) and the Asian Development Bank (ADB) in the 2017-2018 phase. 

Representatives of the Ministries of Finance, Planning and Investment, Industry and Trade, Agriculture and Rural Development, Natural Resources and Environment, Health, the State Bank of Viet Nam, the Government Office and other related localities joined the meeting. 

Foreign-funded projects in 2017-2018 focus on such necessary areas as infrastructure development, improvement of higher education quality, urban and rural development, fundamental health network development, water supply for localities affected by droughts. 

As Viet Nam graduated from the International Development Association (IDA) capital sources since July, 2017, the nation will not be provided with preferential loans from the IDA. Since 2018, Viet Nam will only access to loans with higher interest rates from the International Bank for Reconstruction and Development (IBRD) loans and non-preferential IDA loans. 

The WB requires that its loans for businesses must be guaranteed by the Government while the Vietnamese Government shall not offer guarantee for foreign loans for businesses, according to current regulations. 

Speaking at the meeting, Deputy PM Minh, head of the National Steering Committee for Official Development Assistance (ODA) and Preferential Loans gave directions on each project. 

He assigned the Ministry of Planning and Investment to report to the Government on orientations to mobilize loans in the upcoming time, especially non-preferential loans in the context that Viet Nam has graduated the IDA. 

VGP