The Asian Development Bank (ADB) and the Government of Viet Nam signed Tuesday a $24.8 million loan agreement to support policy reforms needed for fostering the country’s inclusive growth and ensuring further poverty reduction.
The ADB program loan provides parallel financing to the Poverty Reduction Support Credit framework supported by a number of development partners.
The Poverty Reduction Support Credits help the Government of Viet Nam carry out a wide range of policy reforms in the areas of business development, social inclusion, natural resource management, and governance to ensure successful implementation of the Ten-Year Socioeconomic Development Strategy 2011-2020, and the Socioeconomic Development Plan 2011-2015.
High inflation due to the macroeconomic imbalances in Viet Nam has eroded some progress in poverty reduction that the country has made in recent years.
To overcome the macroeconomic difficulties and mitigate the adverse impacts of the global economic crisis, the Government committed to continue implementing reforms with a focus on macroeconomic stabilization and economic restructuring.