PM calls for more financial, technical support from WB, ADB

Prime Ministe Nguyen Xuan Phuc has urged the World Bank (WB) to continue its financial and technical support for Vietnam during his meeting with the WB’s Vice President for East Asia and Pacific, Victoria Kwakwa, in Da Nang on June 27.

Prime Minister Nguyen Xuan Phuc (right) and WB’s Vice President for East Asia and Pacific Victoria Kwakwa (Photo: VNA)
Prime Minister Nguyen Xuan Phuc (right) and WB’s Vice President for East Asia and Pacific Victoria Kwakwa (Photo: VNA)

He informed Kwakwa of Vietnam’s smooth disbursement of the WB’s loans, especially during 2012-2016, saying the Vietnamese Government has urged localities and agencies to accelerate the implementation of the projects.

Kwakwa, who is in Vietnam to attend the sixth Global Environment Facility (GEF 6) Assembly, said Vietnam’s hosting of the GEF 6 and other big international events recently has reflected its increasing role and prestige in the international area. She congratulated Vietnam on its high economic growth, with the figure recorded in the first quarter of 2018 being the highest annual increase over the past decade.

The same day, PM Phuc hosted a reception for President of the Asian Development Bank (ADB), Takehiko Nakao, who is also in Da Nang to attend the GEF 6.

The PM appreciated the high priority given to Vietnam by the ADB and Takehiko Nakao himself, affirming that the bank is an important partner of Vietnam and one of the leading providers of capital, technical support and consultation for the country, significantly contributing to spurring national socio-economic development.

The leader stressed that the Vietnamese Government consistently pursues the goals of stabilising the macro economy; curbing inflation; limiting public debt at below 65%; developing institutions, infrastructure and human resources; combating climate change and ensuring social welfare. He also urged the ADB to arrange more capital in order to reduce interest rates of loans given to Vietnam in the fields of climate change, infrastructure, agriculture and rural development, education, health care and poverty reduction.

In reply, Nakao lauded Vietnam’s socio-economic achievements over recent years, saying the ADB is happy to provide loans to for Vietnam. Nakao informed his host that after consideration, the ADB has decided to delay the payment of ADF loans for Vietnam to at least January 2023. In 2022, the bank will continue to consider whether Vietnam has to begin debt payment from 2023 or not.

Also on June 27, PM Phuc met with CEO of Unilever (UK), Paul Polman, on the side-lines of the GEF 6. Paul Polman pledged to work for sustainable development in Vietnam, increase exports from the country and encourage European businesses to invest in the Southeast Asian nation.