Vietnam Seeks More WB Loans for Poverty Reduction, Social Welfare

The Ministry of Finance (MoF) has asked the World Bank (WB) to maintain its official development assistance (ODA) loans for poverty reduction and social welfare in Vietnam in the years to come. Minister Dinh Tien Dung made the call at a reception with WB Country Director in Vietnam Victoria Kwakwa in Hanoi on Aug 8. Vietnam seeks to receive WB’s financial assistance in macroeconomic management, policy development, business reform, and public debt management, he said, giving no more details. Earlier at a meeting in Hanoi, WB East Asia and Pacific Regional Vice President, Axel van Trotsenburg, said that the WB pledged to tighten partnership with Vietnam in ending extreme poverty by 2030 and promoting income growth of the poorest 40% of the population, which are two of the bank’s new targets. In a recent report, the WB has urged Vietnam to approach poverty reduction in a “dynamic” way so that the country can deal with changes in regional patterns of poverty and wealth, high and persistent poverty among ethnic minorities and rising inequality in outcomes and opportunities. So far, the global lender has funded up to $1.625 billion for 10 poverty reduction support credit programs in Vietnam. (vov.vn Aug 7)