US$350 mil. in credits approved for Vietnam’s Reforms
The World Bank’s Board of Directors approved the eighth Poverty Reduction Support Credit (PRSC 8) worth US$ 350 million on June 25 in recognition of the progress made on economic reform and in support of the country’s efforts to overcome the negative impacts of the global economic crisis through the implementation of the on-going stimulus package.
Part of a series of annual operations, the PRSC 8 provides direct budget support to promote the Government’s implementation of the Social Economic Development Plan (SEDP) 2006-2010.
“This PRSC package is made at a critical time when Vietnam faces economic challenges amidst the global slowdown” said Victoria Kwakwa, the World Bank’s Country Director for Vietnam. “So far, the government’s stimulus package has had its positive impacts on the economy. The proposed operation is processed under the IDA Financial Crisis Response Fast-Track Facility in order to help meet the financing necessary to implement the government’s fiscal stimulus package as well as the reform program supported by the PRSC operation.”
The World Bank also envisages a total of more than US$ 4 billion in commitments to support Vietnam’s development over the coming two years. Resources will come from both the concessional lending source and the source for middle income countries.
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