The Vietnamese Prime Minister has approved negotiation results of the 9th Poverty Reduction Support Credit (PRSC-9) with the World Bank (WB). Governor of the State Bank of Vietnam, the country’s central bank, was empowered to sign the PRSC-9 and related legal documents with the WB’s representative, the Vietnamese government said on its website July 21. The Ministry of Justice will take responsibility to provide required legal procedures to have the program come into force as soon as possible. The PRSC, conducted by the WB in developing countries that have stable macro economy and rational finance management system, was inaugurated in Vietnam in 2002. “Vietnam is among the lowest-income Asian nations with GDP per capita of less than $2,000,” WB Vice President for East Asia and Pacific region James Adams said. The Southeast Asian country aims to reduce the number of poor households to less than 9.5% this year from 11% in 2009.
