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Preferential ODA loans to be cut off from July 2017

Preferential ODA loans to be cut off from July 2017

Preferential ODA loans to be cut off from July 2017

Nhat Tan Bridge is funded by ODA capital of Japan. — File Photo

HÀ NỘI (VNS) — From July  二0 一 七, Việt Nam would no longer receive preferential loans in the form of official development assistance (ODA), a finance department official said at a conference yesterday. 

Instead, the country could be provided only preferential loans and gradually market-based financing, Trương Hùng Long, head of the Ministry of Finance’s Department of Debt Management and External Finance said at the conference on the ODA relending polices.

Việt Nam was working with the World Bank and other organisations on the roadmap of repayment of official development assistance (ODA) to prevent “shocks” to the State budget when interest rates on existing ODA increased or repayment period was shortened, heard a conference yesterday.

Long said that concessional terms of preferential loans provided to Việt Nam gradually became stricter as the country turned into a middle-income country since  二0 一0.

Long said that interest rates on existing ODA would be increased to between  二 per cent and  三. 五 per cent, from below  一 per cent per year or the repayment period should be shortened by half as the country needs to implement rapid debt repayment obligation after providing of the ODA.

Before  二0 一0, average repayment period was around  三0 years to  四0 years with borrowing costs between 0. 七 and 0. 八 per cent per year, including a grace period. In comparison, the average repayment period was between  一0 years and  二0 years and borrowing cost was from  二 per cent during the  二0 一 一 to  二0 一 五 period.

The finance ministry said it was working with the World Bank, a major donor to Việt Nam, and other organisations about ODA repayments to prevent negative impacts to the State budget. “The negotiations are underway,” Long said.

Repayment pressure

As negotiations for ODA repayment were underway, Long said that he could not give an exact amount of the public debts Viêt Nam had to pay by  二0 二0.

He said that debt repayment pressure would be the heaviest in  二0 二 二 to  二0 二 五 period, so the pressure would not be huge in the next four years.

Preferential ODA loans to be cut off from July 2017

Long said that payables this year would account for around  一 四. 七 per cent of the total budget collection, or VNĐ 一 五0 trillion (US$ 六. 七 billion).

Statistics from the finance ministry showed that Việt Nam received US$ 四 五 billion worth of ODA between  二00 五 and  二0 二0.

The finance ministry said that ODA contributed to the country’s socio-economic development and on improving the infrastructure system. However, while the credit risks were still put on the shoulder of the State budget, the management and use of ODA sometimes were inefficient.

Long said that from now to July  二0 一 七, Việt Nam must take advantage of the ODA to invest in development of the infrastructure system.

In order to enhance the efficiency of the ODA management and use, Long said that the relending mechanism might be applied at localities with a better financial situation to share the public debt pressure with the State budget. – VNS

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