Chairing a video conference, the PM stressed the need to disburse the Government’s foreign borrowings as quickly as possible, as they are important resources for the country’s development.

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PM Nguyen Xuan Phuc speaks at the conference. (Photo: VGP)

Foreign loans have totalled some 60 trillion VND (2.59 billion USD) this year, nearly 40 trillion VND of which was allocated to localities, the Government leader said, adding that capital disbursed in the first 10 months of this year was just 30 percent of the total funds.

The snail’s pace of disbursement was sparked by slow site clearance, inadequate reciprocal funds, and poorly capable contractors, the PM pointed out.

He asked local leaders to adopt more drastic measures, work to clarify the roles and responsibility of investors, and enhance coordination with ministries and sectors.

Leaders must be responsible for performing their duties and must discipline any organizations or individuals hampering disbursement.

Meanwhile, ministries and sectors need to complete the legal framework and compile ODA plans for the next five years in a more effective manner.

The Ministry of Planning and Investment and the Ministry of Finance are entrusted with simplifying project approval and adjustment procedures, he said.

Source: VNA