The World Bank vows to help Viet Nam

The World Bank (WB) will support Viet Nam in building a road map to smoothly shift preferential loans from the International Development Association (IDA) to the International Bank for Reconstruction and Development (IBRD) to ensure the national budget's sustainable payment capacity.

The statement was made by President of the World Bank Group Jim Yong Kim at his working session with Governor of the State Bank of Viet Nam Nguyen Van Binh in Ha Noi yesterday.

Governor of the State Bank of Viet Nam Nguyen Van Binh (right) receives President of the World Bank Group Jim Yong Kim in Ha Noi yesterday. — Photo VGP

He announced that the WB will focus its resources on helping Viet Nam realise the 12th National Party Congress's guideline and orientations as well as the Viet Nam 2035 Report.

He also appreciated efforts made by Governor Binh in managing monetary policies and banking restructuring. As such, the Vietnamese banking sector has gained remarkable achievements, contributing to stabilising the macro economy and promoting growth.

Binh pledged that Viet Nam would effectively use loans from the World Bank for its socio-economic development and poverty reduction plan in accordance with the bank's general development goals.

The WB leader is in Viet Nam to release the Viet Nam 2035 report, which was prepared jointly by the Government of Viet Nam and the World Bank Group, and lays out key reforms for the lower-middle income country to grow its economy, become more equitable, and put in place modern governance over the next 20 years.

S: Vietnamnews.vn