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The Ministry of Finance explained the calculation of disbursement rate of the SBV

16:02 | 30/07/2017

VCN - Responding to information from some newspapers on the working session of the Prime Minister's working group with ministries, agencies, and localities on July 25, 2017 on disbursement of public investment plan 2017, the Ministry of Finance confirms that the disbursement rate of 5.8% of the 2017 budget plan of the State Bank of Vietnam (SBV) as of June 30, 2017, was absolutely accurate.

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13 ministries, sectors and localities which were considered as units with low disbursement rate have worked with the Prime Minister's working group.

In the press release dated July 26, 2017, the Ministry of Finance acknowledged that concerning the disbursement rate of 2017 public investment plan of the SBV, according to Resolution No. 29/2016 / QH14 of the National Assembly on state budget allocation in 2017, the SBV is allocated a total state budget expenditure of 73,380 million VND.

In the Prime Minister's Decision No. 2562 / QĐ-TTg on the allocation of the 2017 state budget investment plan, the SBV is allocated (domestic capital) 73,380 million VND, in which the capital in accordance regulation is 7,645 million VND; the capital which is not in accordance with regulation and not specifically disbursed or of which data is not clear, requiring further review is 65,735 million VND. According to the report from the State Treasury, as at June 30, 2017, the SBV has disbursed 4.292 million VND. Thus, the disbursement rate of capital plan 2017 of the SBV as of June 30, 2017, is 5.8% (compared to 73,380 million VND of the total budget investment plan of the SBV allocated by the National Assembly and Prime Minister).

Regarding 65,735 million VND which is not in accordance with regulation and not specifically disbursed or of which data is unclear, requiring further review, the Ministry of Finance explained that it was due mainly to NH.09B project (project on building a new National Currency Printing Plant) of which disbursement rate of total investment plan 2016 as of September 2016 reached less than 30% of the plan, it was not eligible for allocation of investment plan 2017 according to regulation in Government’s Resolution No. 60/NQ-CP.

In term of this matter, the SBV should be responsible for cooperating with the Ministry of Planning and Investment to report to competent authorities to continue to allocate the project. Earlier, some media reported at the working session of the Prime Minister's Working Group on disbursement of the 2017 public investment plan with 13 ministries, sectors and localities which were considered as the units with the low disbursement rate, including the State Bank of Vietnam.

According to the report from the Ministry of finance, the disbursement rate of public investment 2017 of the SBV reached only 5.8%. However, at the session, the SBV stated that the rate of 5.8% stated by the Ministry of Finance was not accurate due to the wrong calculation. In fact, the accurate disbursed capital of SBV was 56.14%.

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In other words, the Ministry of Finance calculated the disbursement rate based on the total investment plan but the SBV calculated this rate based on allocated capital to implement projects.

By Hong Van/Huyen Trang