Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong has asked the Prime Minister for permission to borrow 2.15 trillion (92.9 million USD) from the central government to pay contractors who are building Metro Line No 1.
The Metro Line Number 1 project in HCM City is facing financial difficulties (Photo: VNA)
HCM City (VNA) - Chairman of the HoChi Minh City People’s Committee Nguyen Thanh Phong has asked the Prime Ministerfor permission to borrow 2.15 trillion (92.9 million USD) from the centralgovernment to pay contractors who are building Metro Line No 1.
The Metro Line 1 extends from Ben Thanh Marketin district 1 to Suoi Tien Tourist Park in district 9.
The payment will help the project run in linewith the plan, and it would help to avoid complaints and lawsuits about debts,Phong wrote in his letter.
He said the city would repay the money to thecentral government after the Ministry of Planning and Investment provides fundfor the project.
Phong also suggested that if the Governmentcannot provide the city with the money from the central budget the PrimeMinister should allow the city to use the funds from the city’s budget insteadfor the metro.
According to current regulations on advancepayments for investment projects, the Metro Line Number 1 project does not meetrequirements to get money in advance from the city’s budget, and can onlyreceive funds from the central government’s budget.
Due to the urgency of the project, the city saidit hoped to receive approval from the Prime Minister.
The Metro Line Number 1 project uses fundingfrom ODA and funds arranged by the central government, while correspondingcapital has come from the city’s budget.
According to the capital plan for 2016 -2020,the project was slated to receive 7.5 trillion VND (324 million USD) of itstotal investment capital of 20.5 trillion VND (885.8 million USD).
The city received 2.7 trillion VND (116.7million USD) in 2016 and 2017. In 2018, total investment was expected toincrease, but funds could not be provided until the additional investment wasapproved.-VNA
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The Metro Line Number 1 project in HCM City is facing financial difficulties (Photo: VNA)
