The 26th session of the NA Standing Committee. (Photo: quochoi.vn)

Following the 26th session of the NA Standing Committee, on August 9th, Mr. Hai reported the results of supervising the implementation of policies and laws about the management and use of foreign loans in the 2011-2016 period.

This value included over USD32.29 billion of ODA capital and preferential loans (96%) and USD1.346 billion of non-refundable ODA capital (4%).

Mr. Hai said projects funded by ODA and foreign preferential loans in the period are suitable to the demand and orientations of socio-economic development and policies of the Party, NA and Government.

In spite of meeting difficulties and challenges, Vietnam still obtained significant socio-economic development achievements, such as: economic growth maintained a reasonable rate, the scale and potential of the economy increasing, all aspects of social life and agricultural economy seeing prospects.

He stressed an important part of ODA capital and preferential loans, especially non-refundable capital, was used to support sustainable poverty reduction through Program 135 (the second phase), develop small-scale rural infrastructure in northern mountainous provinces and Central Highlands, and create livelihoods for poor people in rural areas and ethnic minorities in some localities.

In order to effectively realize the policies and law on the management and use of foreign loans in the following period, the Chairman of the NA Committee for Finance and Budget emphasized: in the 2021-2025 period, Vietnam will become a middle income country, as a result, ODA capital will be reduced and it must access higher-cost loans while public debt and government debt will rise and the pressure from old loans will also increase.

For non-refundable ODA, priority will be given to sustainable poverty reduction; social sectors (health and education); development of institution and human resources, science, technology, and technological transfer./.

BTA