NASC mulls over draft law on public debt management

The National Assembly Standing Committee (NASC) debated the draft law on public debt management (amended) on March 20 in Ha Noi.

Minister of Finance Dinh Tien Dung said that the Law on Public Debt Management set an appropriate legal corridor for socio-economic development and contributed to offsetting State budget overspending.

The law helped to create investment capital for crucial fields of the economy via re-lending of the Government's foreign capital and the Government's guarantee.

It also created ways for localities to mobilize credits by issuing bonds.

However, a large number of comments were raised on amending the law to strengthen the efficiency of public debt safety and control public debts at safe level.

National Assembly Vice Chairman Do Ba Ty proposed that the draft law must be built in a more specific manner with adequate legal framework on public debt management and maximum issuance of sub-law documents. He also noted the importance of collecting ministerial and sectorial comments and close coordination.

Earlier, the Ministry of Finance drafted a Law on Public Debt Management (amended) stipulating Government debts, Government-guaranteed debts and debts of local administrations. /.

Source: Online Newspaper of the Government of the Socialist Republic of Viet Nam