ADB funds poverty reduction program III
14:25 | 04/01/2007
VNGOVNet – Authorized by the PM, Governor of the State Bank of Vietnam Lê Đức Thúy has represented the Socialist Republic of Vietnam State to sign with the Asia Development Bank (ADB) Country Director at Vietnam Resident Mission a Credit Agreement for Support to Implementation of the Poverty Reduction Program III.

Under the signed agreement, ADB will lend 10,062,000 Special Drawing Rights (SDR) equivalent to US$15 million in preferential loan from the Asian Development Fund with the maturities of 24 years, including an 8-year grace period. The annual interest rates are fixed at 1% during the grace years and 1.5% thereafter. The whole sum will be disbursed once for all in 2007.

The loan is aimed at supporting the Vietnamese Government in implementing a policy and structure reform agenda to achieve the following targets:

- To facilitate the transition to a market economy in all areas committed to WTO, boost State enterprise reform, design a roadmap for banking reform, improve business environment and infrastructure services;

- To achieve socially inclusive and environmentally sustainable pattern of growth through improving education, health, social insurance, land and water resources, environmental protection and gender responsiveness;

- To adopt a modern public administration in planning processes and public financial management, increase financial accountability and transparency, boost legal and administrative reform, and enhance anti-corruption.

By Xuân Hồng

(Source: Document 2148/TTg-QHQT)

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