Minister stresses flexible combination of fiscal, monetary policies
As the COVID-19 pandemic is predicted to linger and affect the State budget revenue as well as spending on the pandemic combat, it is necessary to flexibly combine fiscal and monetary policies to keep macro-economic stability, said Minister of Finance Ho Duc Phoc.
Hanoi (VNA) – Asthe COVID-19 pandemic is predicted to linger and affect the State budgetrevenue as well as spending on the pandemic combat, it is necessary to flexiblycombine fiscal and monetary policies to keep macro-economic stability, saidMinister of Finance Ho Duc Phoc.
Talking to the Vietnam NewsAgency, Phoc said the Ministry of Finance (MoF) suggested the Government proposethe National Assembly allocate 10 trillion VND (over 439 million USD) in thehealth sector’s frequent expenditure from the 2022 central budget for COVID-19prevention and control.
It also recommended 20.5trillion VND from the central budge reserve (about 2.5 percent of the totalcentral budget spending) and 1.7 trillion VND from the national reserve be earmarkedfor the COVD-19 fight, settlement of disaster consequences, epidemic preventionand control, along with other important tasks.
The MoF will base on thepandemic situation to use those resources from the central budget and combine themwith legal financial sources of localities to meet demand in reality, theminister said.
He noted to achieve the twintargets of combating the pandemic and developing the economy, closely combiningfiscal and monetary policies is all the more important so as to guaranteeresources for the COVID-19 fight and social security, and cut down input costsfor production and business activities.
Minister of Finance Ho Duc Phoc (Photo: VNA)
Regarding fiscal policies, relevantagencies have exempted, reduced, or extended repayment deadlines of tax, fee,land rent, and others in order to help enterprises, households, and individualsdoing business minimise expenses and sustain activities.
Many monetary and creditsolutions have also been carried out such as reducing lending interest ratesand providing concessional loans to help businesses pay salary to workers, channelingcredit into priority fields, and strictly controlling credit for high-risksectors.
In addition, some fiscalpolicies have been implemented to give cash assistance to workers and provideindirect aid for employers, Phoc went on.
Apart from the restructuringof the State budget and public debt, appropriate monetary and foreign exchangerate policies have helped develop the Government bond market, thus mobilising considerableresources for the State budget, according to the official./.
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Illustrative image (Photo: VNA) 
Minister of Finance Ho Duc Phoc (Photo: VNA) 
