Deputy PM Hue urges facilitation of advanced investment repayment

Tuesday, 2016-08-16 11:51:05
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Deputy PM Vuong Dinh Hue chairs theworking session in Hanoi on August 15 on recovery of advanced investment capital to projects by the end of 2015. (Credit: VGP)
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NDO – Deputy Prime Minister Vuong Dinh Hue chaired a working session in Hanoi on August 15 with concerned ministries and authorities on recovery of advanced investment capital to projects by the end of 2015.

The advanced capital was stipulated in Resolution No. 1023/NQ-UBTVQH13 dated August 28, 2015 by the National Assembly Standing Committee and Decision No. 40/2015/QĐ-TTg dated September 14, 2015 by the government on the principles, criteria and norms for allocation of development capital from the State budget to invest in medium-term projects for the 2016- 2020 period, as well as refunding of the sources.

Accordingly, the public investment for the medium-term 2016-2020 has set a rule that relevant ministries, central agencies and localities with a considerable amount of advanced capital should mobilise sufficient funds in all sectors and programmes to recover 100% of the advances. Some ministries, branches and localities with a large amount of allocated advanced capital, should repay about 50% of the advanced capital.

According to the Ministry of Planning and Investment, during the process of planning the medium-term public investment, 15 out of 19 ministries and central sectors, and four out of 61 localities have implemented the above provisions to repay 100% of the advanced capital.

Commenting on the implementation and repayment of advanced investment capital, Deputy PM Hue stressed the need to strictly implement principles and resolution from the National Assembly and the PM’s decision, while distinguishing capital from the medium-term budget and investment from other legitimate sources, based on which to calculate the rate of advanced capital recovery.

The government official agreed that for advanced investment from the central budget reserve investing in disaster prevention projects, localities were assigned to balance from their local budgets and other legal funds to reimburse the advanced capital for the central budget.

He also suggested the Ministry of Finance and the Ministry of Agriculture and Rural Development conduct statistics on infrastructure development and debt during modern rural area construction to report to the PM for consideration.

The Ministry of Finance, Ministry of Planning and Investment and the Government Office were asked to review the medium-term public investment and submit the report to the government for discussion in the near future.