The mid-year informal Consultative Group meeting for Vietnam closed on June 8 with donors expressing satisfaction with the Government’s measures to deal with the economic crisis and pledging continued support for the country to emerge from the crisis in a stronger position.
The Government’s policy responses so far have succeeded in reducing adverse impacts and preventing the economy from falling into deep recession as experienced elsewhere in the region and globe, said Victoria Kwakwa, World Bank director for Vietnam.
She said the World Bank is ready to work with the Vietnamese Government on remaining and emerging challenges and contribute to moving the country to a higher level of socio-economic development.
To maintain macro-economic stability, the International Monetary Fund (IMF) proposes that in addition to tightening monetary policy to rein in credit growth and provide greater support to Vietnam dong, the Vietnamese Government should reach agreement with the National Assembly on a revised fiscal plan for 2009, addressing concerns that financing requirements are contained to levels consistent with maintaining macro-economic stability.