Hanoi (VNA) - The disbursement of capital sourcedfrom the central budget for public investment purposes had reached 29 percentof the annual plan as of September 30, according to Truong Hung Long, Director of the Department of Debt Management andExternal Finance at the Ministry of Finance.
The disbursement rate inSeptember rose 8 percent compared to August, Long told a meeting on October 14in Hanoi between the ministry and localities on the disbursement of publicinvestment sourced from the Government’s foreign borrowings in the first ninemonths of 2020.
The amount of capital allocatedto specific projects and updated on the Treasury And Budget ManagementInformation System (Tabmis) by localities had reached 97 percent of theestimate as of the end of September, up 6.6 percent compared to August.
The amount localitiesrequested to return to the central budget represented 11.73 percent of the estimate,he said.
According to Long, disbursement in September improved significantlyagainst August but is still short of the annual estimate.
He noted that when excluding the amount of capitalthat localities asked to return, the disbursement of capital sourced from the centralbudget for public investment purposes has reached only 32.43 percent of the annualtarget with just four months of the year remaining.
Meanwhile, the amount paid in advance without thesubmission of invoices has fallen over the months, while actual disbursement hasbeen on the rise, and the average time the funds were spent in advance wasshortened from seven months to three or four months. This contributed to reducingthe amount of capital spent on paying interest, while speeding up thedisbursement process, he said.
A representative from HCM City said that, as ofSeptember 30, the city had disbursed about 1.5 trillion VND, or 29.5 percent ofthe target. It also disbursed 4.8 trillion VND in re-borrowed capital, or 46percent of the target. Combined, the city reached 40.86 percent of the target.For the year as a whole, it is likely to disburse 8 trillion VND, therepresentative said.
The impact of COVID-19 was also cited by therepresentative as being behind the slow disbursement, along with the slowadjustment of investment policies and site clearance.
The Ministry of Finance has urged localities topromptly submit receipts for spent amounts, while working closely with projectmanagement boards to update disbursement figures./.
The disbursement rate inSeptember rose 8 percent compared to August, Long told a meeting on October 14in Hanoi between the ministry and localities on the disbursement of publicinvestment sourced from the Government’s foreign borrowings in the first ninemonths of 2020.
The amount of capital allocatedto specific projects and updated on the Treasury And Budget ManagementInformation System (Tabmis) by localities had reached 97 percent of theestimate as of the end of September, up 6.6 percent compared to August.
The amount localitiesrequested to return to the central budget represented 11.73 percent of the estimate,he said.
According to Long, disbursement in September improved significantlyagainst August but is still short of the annual estimate.
He noted that when excluding the amount of capitalthat localities asked to return, the disbursement of capital sourced from the centralbudget for public investment purposes has reached only 32.43 percent of the annualtarget with just four months of the year remaining.
Meanwhile, the amount paid in advance without thesubmission of invoices has fallen over the months, while actual disbursement hasbeen on the rise, and the average time the funds were spent in advance wasshortened from seven months to three or four months. This contributed to reducingthe amount of capital spent on paying interest, while speeding up thedisbursement process, he said.
A representative from HCM City said that, as ofSeptember 30, the city had disbursed about 1.5 trillion VND, or 29.5 percent ofthe target. It also disbursed 4.8 trillion VND in re-borrowed capital, or 46percent of the target. Combined, the city reached 40.86 percent of the target.For the year as a whole, it is likely to disburse 8 trillion VND, therepresentative said.
The impact of COVID-19 was also cited by therepresentative as being behind the slow disbursement, along with the slowadjustment of investment policies and site clearance.
The Ministry of Finance has urged localities topromptly submit receipts for spent amounts, while working closely with projectmanagement boards to update disbursement figures./.
VNA
