WB to Continue Providing Preferential Loans for Vietnam in Next Three Years

The World Bank (WB) has pledged to continue providing preferential loans for Vietnam in the next three years, Vice President of the World Bank for East Asia and the Pacific, Axel van Trotsenburg said.  Mr. Trotsenburg made the statement at a WB press briefing in the capital city of Hanoi on May 8 during his working visit to Vietnam from May 6 to May 9. The WB will coordinate with the Vietnamese government to disburse the International Development Agency (IDA) capital effectively and pledged to make the upcoming 17th IDA negotiations a success, he said. It will also continue providing Vietnam with as much financial resources as possible to help the country fulfill socio-economic targets. The WB is also willing to provide policy consultancy for Vietnam, particularly for stabilizing the macroeconomy, maintaining growth and accessing capital resources. The lender will end the 3-year supporting package worth $4 billion in April 2014 and will soon consider a new loan package for Vietnam, the official noted. During his visit, Mr. Trotsenburg met with Prime Minister Nguyen Tan Dung, Minister of Planning and Investment Bui Quang Vinh, State Bank of Vietnam Governor Nguyen Van Binh, Minister of Agriculture and Rural Development Cao Duc Phat and other officials to discuss various development issues in Vietnam and how the country can deal with future challenges. Since 1993, the WB has provided nearly $16.62 billion in loans and grants to help Vietnam sustain growth and fight poverty. The WB has recently approved a $250 million lending package to support the country in economic management reforms for higher productivity and competitiveness. (VOV May 8, Gafin.vn May 8, VnExpress May 8)