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ODA to be prioritized for development investment

Monday,  Mar 12,2018,23:18 (GMT+7)
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ODA to be prioritized for development investment

HCMC – Official development assistance (ODA) and preferential foreign loans will be channeled into development investment projects only, heard a meeting on ODA and preferential loan management last week.

Speaking at the meeting, which was chaired by Prime Minister Nguyen Xuan Phuc and also attended by Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh and Deputy Prime Minister Vuong Dinh Hue, Phuc said ODA would not be used for regular expenditures.

The Government will have to tighten control on ODA project proposals, negotiations, signing and implementation.

Development investment includes investment in infrastructure, healthcare, education and technical assistance projects. 

However, some at the meeting said the line between regular expenditures and development investment remains blurry, the Government news website reports.

At the meeting, PM Phuc hailed the role of ODA in the country’s socio-economic development, especially infrastructure development.

Phuc said the management of ODA projects has been improved but there are still shortcomings. He asked ministries and agencies to improve the efficiency of ODA projects, including technical assistance ones, and cut unnecessary costs. 

The Ministry of Finance was assigned to clearly define development investment and regular expenditures.

For those ODA projects approved and agreements signed before 2018, management units are responsible for closely working with donors over cost cuts and efficiency improvement.

The PM told the Ministry of Finance to draft a prime ministerial directive on ODA and consult relevant ministries and agencies before the draft directive goes before the PM.

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