IMF stands ready to provide technical assistance for the Ministry of Finance in fiscal policy reform

IMF stands ready to provide technical assistance for the Ministry of Finance in fiscal policy reform 17/11/2021 05:49:00 288

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On November 17, Vice Minister of Finance Tran Xuan Ha had a virtual meeting with the International Monetary Fund (IMF)’s Staff mission led by Ms. Era Dabla-Norris. Attending the meeting were representatives from relevant departments of the Ministry.

On November 17, Vice Minister of Finance Tran Xuan Ha had a virtual meeting with the International Monetary Fund (IMF)’s Staff mission led by Ms. Era Dabla-Norris. Attending the meeting were representatives from relevant departments of the Ministry.

Vice Minister Tran Xuan Ha said that this meeting would be a good opportunity to discuss issues of mutual concern about Viet Nam's macroeconomic situation and fiscal policies as well as their future prospects.

Deputy Minister Tran Xuan Ha at the meeting

The Vice Minister believed that, despite the complicated situation of the Covid-19 pandemic, the cooperation activities between the Ministry of Finance and the IMF was still practical and effective in the field of macroeconomic and public finance management. IMF also helped Viet Nam improve its capacity in using statistical and fiscal analysis models. In the coming time, Vice Minister hoped that IMF continue to provide technical assistance and capacity building programs to the Ministry of Finance through support through sending experts, hosting trainings and seminars, providing documents and surveys on international experiences.

At the meeting, in response, Ms. Era Dabla-Norris highly appreciated the fiscal policies that the Government and the Ministry of Finance of Viet Nam enacted to support the people and the business community. Especially, these policies were implemented promptly during the period of strict social distancing for pandemic control and prevention.

Panoramic meeting

Ms. Era Dabla-Norris emphasized that Viet Nam responded appropriately by acceleratinng vaccination rollout and extending support policies, setting the stage for a recovery in the next years. She appreciated the appropriate fiscal support of Viet Nam for the healthcare sector, including ensuring the people’s social welfare, faster vaccine roll-out rate and liquidity support measures for firms. She also assessed that public debt, government-guaranteed debt and inflation were controlled at a safe and low level.

On policy recommendations in the coming time, Ms. Era Dabla-Norris suggested that Vietnam's fiscal policies play a better role to support a green, comprehensive and sustainable economic recovery; financial sector policy ensure both economic recovery supports and financial stability; structural reforms continue to support sustainable growth; capacity building strengthen, focusing more on modernizing policy frameworks.

Head of IMF's Staff mission spoke at the working session 

The Head of the IMF's Staff mission also highly appreciated the orientations of the Ministry of Finance of Viet Nam in reforming tax system and tax administration, strengthening the governance in state-owned enterprises in accordance with the recommendations from the last Article IV Delegation, as well as affirms the willingness to cooperate and provide technical assistance to the Ministry of Finance in this field.

At the end of the meeting, Vice Minister Tran Xuan Ha sincerely thanked the IMF's support and cooperation in the assessment and analysis of Viet Nam's macroeconomic situation and fiscal policies in the past time. The Vice Minister hoped that MOF continue receiving IMF’s support in the development of mechanisms and policies for revenue, expenditure, and state budget management in order to help fiscal policy become an effective tool in Viet Nam's economic management in the coming time.

Translator: Việt Duy

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