Hanoi to manage and supervise the use of foreign loan capital
The Hanoi People’s Committee issued Official Letter No. 6165/UBND-KT dated December 4, requesting relevant agencies and sectors to increase management and supervision over the use of foreign loan capital.
Under the Official Letter, the Authority of Plan and Investment shall perform following tasks:Manage and supervise the proposal and implementation of projects which re-borrow foreign loan from the Government. For new projects, the authority shall mobilize preferential ODA capital for important, urgent programs and projects; maintain maximum outstanding balance according to legal regulation; build a plan on borrowing loan and using the foreign loan for investment and development, and report to the Municipal People’s Committee annually;
Give guidance to agencies and sectors, help them to make lists and develop contents of programs using the foreign loan; review the ability to borrow loan, pay the debt and disburse the money when proposing projects; disburse ODA capital and preferential loan as committed with investors; act as advisor to the Municipal People’s Committee to allocate sufficient reciprocal capital and implement the project on progress; supervise and assess the implementation of the projects and programs, maintain the efficiency of the projects, and report to the Municipal People’s Committee, Ministry of Finance and Ministry of Plan and Investment according to regulations.
The Department of Finance in cooperation with Authority of Plan and Investment manage loan and payment, maintain maximum outstanding balance according to regulations. Based on the plan on borrowing loan and using loan capital for development and investment, Department of Finance shall act as advisor to the Municipal People’s Committee in building programs on consolidating canals and rural roads, giving idle capital of the State Treasury and issuing bonds. It shall act as advisor to the People’s Committee in paying the loans, and report to the Ministry of Finance according to Law on Public Debt Management.
City’s agencies, sectors and specialized project management board shall manage and implement the projects according to regulations, use the capitals efficiency, cooperate with Authority of Plan and Investment in building plan on borrowing and using loans, assess disbursement and supervise implementation of the projects.
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