Dung said it is necessary to map out a road-map to gradually reduce overspending to ensure public debt safety.

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Minister of Finance Dinh Tien Dung 

Under the NA’s Resolution 25 on the five-year mid-term financial plan for 2016-2020, the legislature set a target of keeping public debt, government debt and foreign debt not exceed 65 percent, 54 percent and 50 percent of the gross domestic product (GDP), respectively, he elaborated.

The minister said the NA is discussing to adopt the revised Law on Public Debt Management, adding that the Ministry of Finance has proposed the Government promulgate decrees on enhancing the management of public debt and strengthening coordination between ministries and sectors in managing official development assistance (ODA).

More than ever, it is necessary to concentrate loans on key projects and gradually control growth of public debt and reduce State budget over-expenditure, he stressed.

“Controlling overspending is of importance, which means controlling growth of public debt and public debt ceiling,” he said, stressing the need to tighten the Government’s guarantees.

It is also a must to pay debt on time, strictly control public investment, and improve a legal framework for investment, bidding, inspection and audit, Dung added.

Source: VNA