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PM Dung sets deadline to repay outstanding infrastructure debts
Prime Minister Nguyen Tan Dung has called for ministries and localities nationwide to take actions to settle outstanding debts in infrastructure construction as part of Viet Nam's efforts to restructure public investment. A document outlining the new measures, issued on October 10, states that "the measures will be implemented to stabilise the macro economy and to ensure the nation's sustainable economic growth."
It added that debts in construction have... become a serious problem, causing a negative impact on the country's financial security and sustainable economic growth.
Dung outlined some of the measures that have been introduced to solve the problems. "All localities have developed plans to settle the debts from their own budget and legistimate financial sources to ensure that by 2015 all the debts will be cleared."
He also announced that from next year all localities must allocate a certain sum in their annual budget to be set aside for the payment of the debts.
"Fund allocation for new projects can only be permitted when the budget to pay off the debt is allocated," he said.
The PM asks the local authorities to submit their reports on the implementation of the new measures to the Ministry of Finance and the Ministry of Planning and Investment every six months in order for them to consolidate the information and report to the Government.
To avoid further cases of outstanding debt in 2013, Dung ordered provinces and cities affiliated to the central government to step up their inspection activities on construction projects.
"Any agency, organisation or individual whose negligence causes outstanding debts in capital construction will be subjected to disciplinary actions," he warned.
vietnamnews
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