[Vnbiz] World Bank OKs $150 Million To Help Vietnam Stabilize Economy

[Tran Dinh Hoanh]

Dear CACC,

The World Bank has signed a lending agreement to provide $ 150 million to
the State Bank of Vietnam to help stabilize the country's economy.  This is
interesting.  I thought the SBV has just told the world that we have enough
foreign reserve and don't need an IMF loan.  The economy appears to be
stabilizing every day.  So why all of a sudden we have this $150MM loan from
World Bank, for what exactly?  Is there something the SBV hasn't told us?

All economic indicators tell me that we don't really need any "economic
stabilizing" loan.  The economy is on the way up and will continue to be in
the way up if we don't do anything stupid.  I am concerned that unneeded
loans will just make the government less vigilant in strengthening the
economy and less prone to waste money.  I would prefer to switch this $150MM
to rural development and education.

Have a good day!
Hoanh
______________


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World Bank OKs $150 Million To Help Vietnam Stabilize Economy

HANOI -(Dow Jones)- The World Bank has signed a lending agreement to provide
$ 150 million to the State Bank of Vietnam to help stabilize the country's
economy amid the turmoil in world financial markets, World Bank Acting
Country Director Martin Rama said Tuesday.

The $150 million loan is part of a financial package for this year valued at
$ 370 million and will soon be approved by international donors, including
the Asian Development Bank, European countries, the U.K., Japan and Canada,
Rama said.

"This credit will help the government of Vietnam succeed in its efforts to
stabilize the economy and attain the goals of economic development plans by
2010," Rama noted.

The loan will have a maturity of 40 years, including 10 years at no
interest, said the State Bank of Vietnam.

The World Bank said it will consider lending Vietnam up to $5 billion in the
next three years, depending on the country's progress in improving its
economic policies and strengthening its institutions,

-By Nguyen Pham Muoi, Dow Jones Newswires, 84-913-220-614; phammuoi.nguyen@
dowjones.com

  (MORE TO FOLLOW) Dow Jones Newswires
  07-29-080720ET
  Copyright (c) 2008 Dow Jones & Company, Inc.



-- 
Tran Dinh Hoanh, Esq., LLB, JD
Washington DC
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