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PM okays some urgent measures to raise credits for poverty alleviation in 2007

VNGOP – PM Nguyễn Tấn Dũng just agreed to take some urgent measures to maintain the fund for implementing the credit increasing plan for poverty alleviation in 2007 and some new policies issued by the Government upon the proposals of the ministries of Planning and Investment (MPI), Finance (MoF), State Bank and the Bank for Social Policies (BSP) raised in the April 11 meeting about creating capital and increasing financial capacity for the BSP.

April 21, 2007 7:14 AM GMT+7

Accordingly, the MPI collaborates with the MoF to allocate a sum from the socio-economic development plan and annual State budget estimate to supplement the BSP's charter capital which must reach VND 10,000 billion by 2010. In the near future, VND 1,000 billion from the WB loans for poverty reduction will be used as the additional sum for the 2007 charter capital. The ODA capital under the poverty alleviation and banking programs will be given to the BSP to lend poor households and other beneficiaries of social policies.

The MoF will instruct the BSP to mobilize capital by issuing government bonds. The MoF will also consider and suggest supplementations and revisions to Decree 78/2002/NĐ-CP (October 14, 2002) on credits for the poor, so that the BSP can mobilize cheap credits for sustainable development.

The State Bank of Vietnam will issue or submit to the competent agencies to issue a regime to extend the scope of the regulations on obligations of trade credit organizations who take part in the cause of poverty reduction by transferring a specific sum of their deposit capital to the BSP at a sound preferential interest.

By Hồng Uyên