Consultation workshop on draft Decrees guiding the Public Debt Management Law
01:52 PM 02/04/2018 |
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On March 22nd-23rd 2018, the workshop to collect comments on draft Decrees guiding the Public Debt Management Law held by Ministry of Finance (Department of Public Debt Management and External Finance) in cooperation with the Asian Development Bank (ADB) was officially conducted in Ninh Binh Province. The consultation workshop was attended by representatives of the supervisory bodies of the National Assembly; agencies such as the Ministry of Finance, the State Bank of Viet Nam; agencies, units using public debt, on-lending agencies and many economic and financial specialists. Mr. Truong Hung Long, General Director of the Debt Management and External Finance Department of the Ministry of Finance chaired the workshop.
Mr Truong Hung Long – General Director of the Debt Management and External Finance Department made speech at the opening ceremony
Speaking at the opening ceremony, Mr. Truong Hung Long said that the Law on Public Debt Management No.20/2017/QH14 was approved by the National Assembly on November 23, 2017 was a step in the reform in the management of public debt. In order to provide guidance on the Public Debt Management Law, the Prime Minister assigned the Ministry of Finance to develop the drafting of six decrees, detailing the contents of public debt management; Government bonds; on-lending the Government foreign borrowings, granting and managing the Government's guarantee; managing the Cumulative Fund; and managing the local government debt.
The Ministry of Finance has cooperated with the Drafting Board to draft the content of the Decrees, consulting comments from Ministries, branches, localities and other relevant agencies. During the drafting process of the Decrees, the Ministry of Finance also consulted with international experts from the World Bank, the Asian Development Bank, the International Monetary Fund (IMF) and independent experts in the country with good experience in public debt management. Draft Decrees have also been posted on the Government and Ministry of Finance portal for collecting public comments.
Mr. Aaron Batten – Senior economist at the Asian Development Bank spoke at the workshop
At the workshop, Mr. Aaron Batten, senior economist at the Asian Development Bank (ADB), said: "This event shows the deep involvement of all parties in the policy-making process of the Government”. ADB representative said that the process of developing guideline documents was also an opportunity to strengthen capacities for the agencies who involved in the implementation of the law in the coming time. Governments cannot ensure that relevant agencies as well as localities are competent to absorb new regulations; therefore, in order to reduce the risk, it is necessary to combine the consultation process with the ability raising activities for the parties involved.
Whole view of the workshop
By consulting with relevant agencies and units at the workshop, the Ministry of Finance continued to complete the draft decrees and it is estimated to submit to the Government for the issuance of decrees in the second quarter of 2018.