Finance Ministry gets $1.34 bil SBV loan

The Ministry of Finance has get a loan of VND30 trillion (US$1,335 million) from the State Bank of Vietnam (SBV) and transferred the amount into the State Treasury of Vietnam, said Mr. Dao Xuan The, deputy head of the Ministry’s State Budget Department at a meeting in Hanoi yesterday.

That is the short term loan which the ministry will pay the State Bank by the end of this year, he added.

SBV Deputy Governor Nguyen Thi Hong said that they had provided the loan for macroeconomic stabilization.

Related to recent data announced by the Academy of Policy and Development under the Ministry of Planning and Investment showing that Vietnam’s public debts hit over 66 percent last year, Finance Deputy Minister Vu Thi Mai said the academy had calculated standby costs for force majeure into public debts and that was contrary to the provisions of the Public Debt Management Law.

According to the law, public debt announcement falls within the competence of the Ministry of Finance. It comprises Government debts, Government guaranteed debts and local authority debts.

In the latest report to the National Assembly, the ministry said public debt index was estimated to reach 59.6 percent Gross Domestic Product last year. Of these, 47 percent was Government debts, 11 percent Government guaranteed debts and 0.8  percent local authority debts.

By Ngoc Quang – Translated by Hai Mien

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