Tuesday, September 24 2019

VietNamNews

PM orders acceleration of disbursement of public funds

Update: August, 23/2019 - 08:05

 

The public investment capital disbursed in the first seven months of 2019 is very low, reaching only 32.27 percent of the year’s target. — VNA/VNS Photo 

HÀ NỘI — Prime Minister Nguyễn Xuân Phúc has demanded ministries, sectors and localities take stronger actions to speed up the disbursement of public investment capital for 2019, as disbursement is at a critically low level.

According to the PM, the Ministry of Planning and Investment has yet to submit allocation plans for a total VNĐ35.148 trillion (US$1.51 billion), or 9.3 per cent of the State budget’s investment plan for 2019.

The capital disbursed in the first seven months is very low, reaching only 32.27 per cent of the year’s target. Notably, only 10.96 per cent of foreign capital planned for disbursement this year was allocated. The respective figures in the same period of 2018 were 37.64 per cent and 22.63 per cent.

Thirty-five ministries and central-level agencies and 26 provincial-level localities had less than 40 per cent of their assigned disbursement targets fulfilled.

The snail’s pace of disbursement has undermined the efficiency of public funds use, which in turn has affected economic growth, fiscal and monetary policy implementation, as well as the investment and business climate, PM Phúc said.

Aside from objective factors, subjective ones are the main causes, especially shortcomings in the management and implementation of disbursement plans.

Pointing out tasks to ministries, sectors and localities, the PM said their leaders must take responsibility for performing those duties, and they must discipline any organisations or individuals intentionally hampering disbursement.

PM Phuc is set to chair a national teleconference in the latter half of September to discuss ways to promote public investment capital disbursement. — VNS

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