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2009 State budget estimates show belt-tightening trend

Published: 08/11/2008 05:00

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VietNamNet Bridge - The National Assembly on November 8 overwhelmingly passed a resolution on State budget estimates for 2009 that calls for reduction in spending amid global financial crisis.

The National Assembly’s priorities were for social security and poverty reduction with investments in 61 poorest districts taking the top place.

VietNamNet Bridge - The National Assembly on November 8 overwhelmingly passed a resolution on State budget estimates for 2009 that calls for reduction in spending amid global financial crisis.

Under the resolution, budget collection is estimated at 389.9 trillion VND, accounting for 21.5 percent of the gross domestic product (GDP), or 28.1 trillion VND less than the Government’s proposal. Meanwhile, overall spending is allowed at 491.3 trillion VND, limiting State budget deficit at 87.3 trillion VND, or 4.82 percent of GDP.

In details, the Central budget allocation for investments is 112.8 trillion VND against last year’s 118.88 trillion VND and the salaries budget is to go down from 43.6 trillion VND to 36.6 trillion VND.

Legislators insisted in the roadmap to improve base salaries but said the next step would be delayed to May 2009.

They asked the Government to continue with tight financial policies, calling for thrift in spending and reduction in State budget deficit. They also urged the Government to take initiative in preventing economic deflation and tackling problems such as in tax policies in order to meet targets on State budgets.

The National Assembly’s priorities were for social security and poverty reduction with investments in 61 poorest districts taking the top place.

Legislators turned on green light to the issuance of 36 trillion VND worth of Government bonds, proceeds of which they said would be allotted to development projects such as education, healthcare, transport and irrigation in disadvantaged communities.

Also on debate was an urban planning bill, which however drew different viewpoints from the law-makers. Many complained that management on urban architecture remained loose somewhere in the country, causing defacement and lack of identities for cities.

(Source: VNA)

Update from: http://english.vietnamnet.vn//politics/2008/11/812642/

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