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Fund wasting to be fined

Update: June, 19/2015 - 09:16
The decree adds that if an agency spends more money than the set limit on projects, fines can reach VND50 million – 60 million ($2,500 – 3,000). — Illustrative image/ Photo tapchitaichinh

HA NOI (VNS) — State agencies found wasting money from State budget funds, including welfare funds or other types of funds financing public services, will be fined VND20 million to VND30 million (US$1,000 – 1,500).

This was revealed in Government Decree 58 issued on Tuesday.

The decree adds that if an agency spends more money than the set limit on projects, fines can reach VND50 million – 60 million ($2,500 – 3,000).

Fines of VND1 million to VND2 million (US$50-100) will also be issued for holding workshops, receiving guests and organising overseas trips using more money than the set limit.

The same fines will apply to other wasteful acts, including wasteful use of telephones, electricity, water and petrol.

Decree 58 comes as the Government is adopting belt-tightening measures because of limited State budget money.

Earlier this month, the Government decided to temporarily hold back 10 per cent of the State budget allocations it was about to pour into the current accounts of ministries and local governments for spending during the remaining months of the year.

Phung Quang Hai, director of the Finance Ministry's State Budget Department, said if the state of the budget did not improve, the 10 per cent could be lost permanently. — VNS

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