The Vietnamese government and the World Bank (WB) Jan 12 signed a loan agreement worth $150 million for Vietnam’s poverty reduction support credit program 10 (PRSC 10). The agreement and related legal documents on the aid were signed by State Bank of Vietnam Governor Nguyen Van Binh and WB Country Director in Vietnam Victoria Kwakwa in Hanoi. With the loan, total WB funding to such 10 programs in the country has increased to $1.625 billion so far. PRSC 10, which is the last in a chain of PRSCs which have been implemented in Vietnam since 2001, is aimed at supporting Vietnam’s reforms to reduce poverty and boost coordination among ministries and government agencies. PRSC targets to promote growth and poverty reduction through the use and improvement of policy and budget processes. The global bank implements PRSC in developing countries with stable macro-economies and reasonable financial management systems. Early in Nov, Vietnam proposed the Japanese Ministry of Finance to raise the credit for PRSC 10 from JPY3.5 billion to JPY10 billion in the second phase of the 2011 fiscal year. Vietnam reports 3.05 million poor households and 1.61 million near-poor ones, accounting for 14.2% and 7.53% of its total 90-million population, the Ministry of Labor, Invalids and Social Affairs (MOLISA) said. (Vietnamplus.vn Jan 12)
