City to Write off More Debts for Poor

Ho Chi Minh City authorities have recently instructed concerned agencies to grant extension to or even writting off debts loaned by state banks to locals if there exist sufficiently legitimate grounds.

Deputy Standing Chairman of City People’s Committee, Nguyen Thanh Tai has directed the Steering Committee of Hunger Eradication and Poverty Alleviation to work with relevant authorities to assess the solvency of poor households’ loans. 

Poor people really need a loan as a stepping stone for their small businesses, mostly in cattle-raising .

According to the city Steering Committee of Hunger Eradication and Poverty Alleviation, by October 2007, 134 debtors in the city were granted extensions to their loans which totaled over VND402 million and a further 181 debtors were entitled cancellation of their debts which totaled VND270 million dong. 

The city Hunger Eradication and Poverty Alleviation Fund has been allocated VND190 billion and is expected to be raised to VND195 billion by the end of 2007. At present, the fund is giving VND3.6 million loans to nearly 47,000 poor households.

By Ngoc Lu – Translated by Phuong Lan

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