In a move to help project owners get access to public investment funds, the Government on September 10 issued Decree No. 77/2015/ND-CP, prescribing medium-term and annual public investment plans.
Hanoi Museum, a project funded with the state budget__Photo:
The new regulation lays down specific conditions for programs and projects to be allocated funds under annual public investment plans.
The first condition is that such programs and projects must be incorporated in medium-term public investment plans, excluding urgent projects, or have been decided by competent authorities.
Another important condition is that treaties on ODA or concessional loans must have been signed for programs and projects funded by ODA or concessional loans of foreign donors.
Meanwhile, newly launched projects may be allocated funds only after investment procedures are completed under the Government’s regulations. Moreover, their owners are required to ensure sufficient funds according to their completion schedules provided in medium-term public investment plans or schedules approved by competent authorities for the first year of plan implementation.
Under the new regulation, to be eligible for fund allocation under medium-term public investment plans, programs and projects must also satisfy the conditions prescribed in Article 56 of the Law on Public Investment.
The order and procedures for the formulation, appraisal and approval of policies on public investment programs and projects will be carried out under the Law on Public Investment and guiding decrees.
This new regulation will take effect on November 1, 2015.- (VLLF)