Deputy PM urges hastened procedures for cancelled IDA loans
Deputy Prime Minister Tran Luu Quang has signed a dispatch on the cancellation of World Bank (WB) loans due to the unusability, and the re-allocation and use of the cancelled International Development Association (IDA) loans in the 2022 - 2023 fiscal year.
Hanoi (VNA) – Deputy Prime Minister Tran Luu Quanghas signed a dispatch on the cancellation of World Bank (WB) loans due tothe unusability, and the re-allocation and use of the cancelled InternationalDevelopment Association (IDA) loans in the 2022 - 2023 fiscal year.
The dispatchnoted the WB’s IDA loans, with preferential borrowing conditions and interestrates, for programmes and projects of ministries, agencies, and localities forman important source of public investment that helps promote economic growth. However,some IDA loan agreements have had to be cancelled as projects encounterdifficulties or are unable to disburse all the capital.
It cited the WB as saying that the IDA capitalcommitted for Vietnam that is no longer needed and will be cancelled in the2022 - 2023 fiscal year is about 296 million USD, some 85.14 million USD ofwhich has had cancellation procedures implemented.
Another59.81 million USD has been sent to the Finance Ministry by other ministries,agencies, and localities to carry out cancellation procedures. Meanwhile, theremainder planned to be scrapped has yet to be informed to the Ministry of Financeand the Ministry of Planning and Investment.
To accelerate cancellation procedures to re-allocate the scrappedIDA capital to new projects, Deputy PM Quang assigned several tasks toministries, central agencies, and localities.
The FinanceMinistry was also asked to work with others to report results of taskimplementation to the PM by March 31./.
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Illustrative image (Photo: VNA) 
