Thursday, December 3 2020

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Finance ministry works with localities to boost WB-financed projects

Update: October, 29/2020 - 07:36

 

Representatives of localities discuss solutions to promote the disbursement of WB-financed projects in Việt Nam.

HÀ NỘI – Deputy Minister of Finance Trần Xuân Hà expected the World Bank (WB) to simplify administrative procedures to accelerate the implementation of projects financed by WB in Việt Nam.

The proposal was given at an online conference between representatives of ministries, sectors and localities and the WB on disbursement in 2020, which was chaired by the Deputy Minister Hà and Country Director of the World Bank in Việt Nam Carolyn Turk at the finance ministry’s head office in Hà Nội.

Hà said the finance ministry, other ministries and agencies are ready to work together to contribute to solving problems in project construction and discuss with partners to set up simplified and consistent regulations in loan agreements, pushing project implementation and disbursement.

Country Director of the World Bank in Việt Nam Carolyn Turk speaks at the conference held in Hà Nội. Photo taichinhvietnam.com.vn

Turk said the WB is making its best effort to remove difficulties and problems to boost the disbursement of WB-financed projects.

She also clarified contents of the project extension, allocation of resources to activities, process and procedures for procurement, bidding, bid evaluation and approval of bidding packages, site clearance, resettlement, designing and evaluation of feasibility study.

Turk said the WB will continue to hold more in-depth working sessions with specialised agencies to carefully discuss these contents and offer solutions to remove difficulties in disbursing loans of WB.

The WB is a major donor to Việt Nam. The bank’s total committed loan for 36 ongoing programmes and projects is nearly US$7.4 billion, of which 33 loans have been signed under agreements at the total value of almost $6.6 billion, and three newly-negotiated loans approved by the bank’s International Development Association but have not signed the agreement.

In this category, eight loans will end disbursement in 2020 and 10 loans will end in 2021.

At the conference, representatives of ministries and local agencies discussed difficulties in the implementation of WB projects, including the impacts of the pandemic and complex loan agreement mechanisms, in addition to the implementation of documents and procedures, site clearance and bidding processes, which are slow, leading to prolonged disbursement.

To speed up the disbursement of WB projects, Deputy Minister Hà asked ministries, branches and localities to work closely with the State Treasury to solve payment records within one working day but still ensuring tight control of spending. – VNS

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