Ha Tinh to host World Bank meeting

June 03, 2011 | 10:08

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A mid-term consultative group (CG) meeting for Vietnam will take place in central Ha Tinh province on June 8-9, announced World Bank country director for Vietnam Victoria Kwakwa at a press conference in Hanoi on June 2.

The two-day meeting will focus on four main themes: macroeconomic stabilisation, protection of poor people, fighting corruption in the mining industry and the effectiveness of aid, she said.

The disbursement rate had failed to meet desired levels due to a lack of projects preparation and limited local capability in managing, supervising and implementing projects, she said.

She also acknowledged the positive impacts of inflation control measures, macroeconomic stabilisation and ensuring social welfare, which should be continued.

The WB leader highlighted the Vietnamese government’s comprehensive strategy, which she said had created a reliable foundation for anti-corruption efforts and recorded positive results during the implementation process.

WB chief economic expert Deepak Mishra pointed out the prolonged increase in the macroeconomic stabilisation index which was based on exchange rates, foreign exchange reserves and inflation.

Vietnam needed more efforts to control public investment, handle public debt, restructure state-owned enterprises, increase responsibility and raise investor confidence, he stressed.

He also suggested Vietnam reduce inflation to single digit, narrow the gap between official and black market exchange rates, and increase foreign currency reserves, which are enough to sponsor two and a half months of imports.

The WB expert forecast a GDP growth of 6-6.5 per cent and the country’s inflation of below 15 per cent by the end of the year.

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