23/11/2017 15:17 GMT+7 print

Law on Public Debt Management passed

Hanoi, November 23 (VNA) – A draft Law on Public Debt Management was adopted on November 23 at the 14th National Assembly’s fourth session with 85.74 percent of “yes” votes.

The law manages lending activities and the use and payment of loans. Public debt includes central Government debt, Government-guaranteed loans and local government debt.

The law is applied to agencies, organisations and individuals related to lending activities, the use and payment of loans and public debt management.

Under the law, the State manages public debts and monitors the work of agencies, organisations and individuals involved in public debt. The State will also control public debt safety to ensure the nation’s financial sustainability and macro-economic stability.

The National Assembly, People’s Councils and Vietnam Fatherland Front will supervise the enforcement of the public debt management law.

The law will become effective on July 1, 2018.