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Continue to consult about the draft amended Law on Public Debt Management

09:50 | 03/08/2017

VCN- On 1st August 2017, in Vinh Phuc province, the Ministry of Finance in collaboration with the National Assembly's State Budget and Finance Committee, the Asian Development Bank (ADB) held the Consultation workshop on the draft amendments to the public debt management law. The chairman of National Assembly's State Budget and Finance Committee Nguyen Duc Hai and the Deputy Minister of Finance Tran Xuan Ha co-chaired the workshop.

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The workshop

At the workshop, the Deputy Minister Tran Xuan Ha stated that according to the law and ordinance making program 2017 of the XIV National Assembly, at the third session, the Government submitted to the National Assembly a draft amended Law on Public Debt Management.

The National Assembly deputies agreed on the necessity of promulgating the Law on Public Debt Management replacing the Law 2009. The deputies also basically agreed with the contents of the draft amended the law and assessed that the preparation process was meticulous and met the requirements of law development and promulgation as prescribed.

Mr. Nguyen Duc Hai added that the National Assembly deputies mentioned these contents 129 times in the session on 30 May 2017 and 16th June 2017.

Accordingly, in terms of the scope of the Law, almost deputies agreed to the provisions of the draft; some deputies said that the scope of public debt must be unified but they also recommended that the provisions need to be stricter to control debts of SOEs and control the obligations on potential debts and enhance the management for loans which are not included in public debt.

In addition, some deputies suggested including public debt in the following debts: advanced debts for the State Bank; Debt to compensate for interest rate for Policy Bank and Development Bank; Debts of VAT refund; Debts of non-public business units, ...

Regarding the principle of public debt management, many National Assembly deputies agreed with the proposal of the Ministry of Finance on provision not transferring loan capital to the allocated capital. Regarding public debt safety norms, some deputies proposed to supplement the norms: level of paying debt against State revenues; Payment liability; Foreign debt against GDP; Foreign debt of the country; Obligation to pay the foreign debt of the country against the total import-export turnover.

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“The workshop is an opportunity for the Drafting Committee and verification agency to consult domestic and foreign experts on key contents of the draft law, especially controversial contents to finalize the draft law”-the Deputy Minister Tran Xuan Ha said.

At the workshop, the representative of the Asian Development Bank, International Monetary Fund, Indonesia Debt Management Authority and etc shared their experience in public debt management and recommendations relating to the Amended Law on Public Debt Management.

By Hong Van/Ngoc Loan