PM assigns tasks to ministries to ensure macro-economic stability

September 22, 2022 - 16:01
The PM said the world economy is facing numerous difficulties due to a growth slowdown and soaring inflation.
Prime Minister Phạm Minh Chính addresses the meeting in his opening speech. — VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Minister Phạm Minh Chính urgently assigned tasks to ministries and agencies to deal with the current economic difficulties facing the country at a Government law-making session on Thursday.

The PM said the world economy is facing numerous difficulties due to a growth slowdown and soaring inflation. As a result, the central banks of the US, the EU, the UK, and Japan have also moved to hike interest rates and appreciate their currencies, which has substantially affected other countries, including Việt Nam.

In this context, he asked ministries, sectors and localities to show strong performance in implementing Decree 15/CT-TTg on maintaining macro-economic stability, reining in inflation, promoting development and ensuring major economic balances.

PM Chính added that this strategy is to adapt to the actual situation in a way that ensures stability in the unstable condition; taking the initiative in the face of complicated and unpredictable developments; staying consistent and effective amid global and domestic changes; controlling and promptly responding to risks of recession and crisis; and promoting international economic cooperation and competition while increasing integration with the world.

He underlined the need to manage the monetary policy cautiously and steadily, ensuring its activeness, flexibility and efficiency, along with an open, reasonable and efficient fiscal policy.

The State Bank has been ordered to manage exchange and interest rates and credit growth to control inflation and achieve the goals set.

It is also recommended to keep stable or reduce lending interest rates to mitigate challenges and promote business production.

The Ministry of Finance will continue to review, study and propose measures to decrease taxes and fees while supporting policies for people and enterprises to maintain and expand their business.

The PM requested the Ministry of Planning and Investment to keep a close watch on the situation to make timely policy responses while working to speed up the public investment capital disbursement for three national target programmes and the economic recovery and development programme and promote investment.

The ministries were directed to ensure the security and safety of currency, credit, finance, public debt, food, energy and information while reviewing and completing institutions, mechanisms and legal policies to remove obstacles facing production and business activities.

Meanwhile, the Ministry of Agriculture and Rural Development was asked to ensure absolute food security, speed up agricultural restructuring and promote farm produce exports.

The Ministry of Industry and Trade was urged to develop the domestic market and expand international markets, ensuring energy security and striving for trade surplus.

The Ministry of Labour, Invalids and Social Affairs has been assigned to ensure the labour market develops in a sustainable, safe and effective manner while showing more robust performance in social welfare activities.

The PM also asked media agencies to promote solidarity and unity in the political system and called for the community’s support for the Party and State’s policies and the Government’s management.

Other focus areas include technology, energy transition, socio-cultural and environmental development, administrative reforms, anti-corruption measures, international affairs, and national defence and security.

PM Chính said: “These are the fundamental factors for macro-economic stability, inflation control, ensuring the safety of the environment and creating favourable conditions for sustainable development.” — VNS