The World Bank (WB) will support Vietnam in building a road map to smoothly shift preferential loans from the International Development Association (IDA) to the International Bank for Reconstruction and Development (IBRD) to ensure the national budget’s sustainable payment capacity.

The statement was made by President of the World Bank Group Jim Yong Kim at his working session with Governor of the State Bank of Vietnam Nguyen Van Binh in Hanoi on February 23.

Governor of the State Bank of Vietnam Nguyen Van Binh (right) receiving President of the World Bank Group Jim Yong Kim. (Photo: laodong.com.vn)

He announced that the WB will focus its resources on helping Vietnam realize the 12th National Party Congress’s guideline and orientations as well as the Vietnam 2035 Report.

He also appreciated efforts made by Governor Binh in managing monetary policies and banking restructuring. As such, the Vietnamese banking sector has gained remarkable achievements, contributing to stabilizing the macro economy and promoting growth.

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Binh pledged that Vietnam will effectively use loans from the World Bank for its socio-economic development and poverty reduction plan in accordance with the bank’s general development goals.

The WB leader is in Vietnam to release the Vietnam 2035 report, which was prepared jointly by the Government of Vietnam and the World Bank Group, and lays out key reforms for the lower-middle income country to grow its economy, become more equitable, and put in place modern governance over the next 20 years.

Earlier, he was received by top Vietnamese leaders, including Party General Secretary Nguyen Phu Trong, President Truong Tan Sang and Prime Minister Nguyen Tan Dung.

Source: VNA