WB Weighs Non-Interest-Rate Loan Increase for Vietnam
WB Weighs Non-Interest-Rate Loan Increase for Vietnam
Director of the World Bank (WB) in Vietnam, Klaus Rohland, announced that the bank would maintain or increase its non-interest loans for Vietnam in subsequent years.
The WB can increase the loans if Vietnam continues to accelerate banking reforms, and at the same time boost its fight against corruption and further effective use of public spending.
However, the WB advised the Vietnamese Government to be ready to transfer its finances further based on a market economy as of 2015.
Although the WB’s decision depends on the negotiation on the supplement of long-term loans without interest for countries that meet International Development Association (IDA) standards, Vietnam's good disbursement of WB loans will impact the bank's decision.
Recently, the WB expects Vietnam’s economic growth to remain strong in 2005 and, more generally, in the next few years.
"The next five years will see Vietnam's transition to a market economy completed. Doi Moi (Renovation) process, almost twenty years ago, was about lifting the country out of poverty. The next five years will be about laying the foundations of a modern economy," Mr. Rohland said.
Since 1993, WB has committed some US$5 billion to Vietnam, of which over US$2.7 billion has been disbursed.
Vietnamese
