On October 16, the National Assembly Standing Committee gave its opinion on the draft Law amending and supplementing a number of articles of the Law on Public Debt Management.
The draft Law on amending and supplementing a number of articles of the Law on Public Debt Management was presented by Deputy Minister of Finance Tran Quoc Phuong.
Accordingly, in order to continue implementing the policy of decentralization and delegation of authority, associated with the arrangement and streamlining of the apparatus and improving governance efficiency, Clauses 8, 11, 19, and 21, Article 1 of the draft Law stipulates the empowerment of the Prime Minister and the Ministry of Finance in a number of tasks on debt management, enhancing the proactiveness and self-responsibility of local authorities in deciding and using the budget.
The draft Law supplements the regulation that ministries, provincial People's Committees, city People's Committees, enterprises with 100% state capital, and subsidies of enterprises with 100% state capital propose ODA loans and foreign preferential loans to the Ministry of Finance for appraisal and submission to the Prime Minister for approval as a basis for implementing investment procedures for programs and projects.
The inspection report presented by Chairman of the Economic and Financial Committee Phan Van Mai said that the Standing Committee of the Economic and Financial Committee agreed with the necessity of amending and supplementing the Law on Public Debt Management.
This, according to Mr. Mai, is to strengthen decentralization and delegation of power, associated with the 2-level local government organization model. At the same time, cutting and simplifying procedures; perfecting the legal basis, creating conditions for capital mobilization, removing some practical difficulties and problems.
However, the Standing Committee of the Economic and Financial Committee recommends that the Government continue to review to ensure decentralization and delegation of authority regulations go hand in hand with increasing objectivity, transparency and ensuring effective management of loan mobilization and use.
Deputy Minister of Finance Tran Quoc Phuong reported and clarified a number of contents and said that he would accept opinions on completing the draft law with the best quality to submit to the National Assembly.
Vice Chairman of the National Assembly Nguyen Duc Hai suggested that it is necessary to continue reviewing to ensure that the amendment and supplementation of the law meets the set goals, especially mobilizing resources to realize the double-digit growth target for the next period and resolve difficulties and problems in mobilizing, borrowing, and repaying public debts.
Along with that, it is necessary to continue reviewing to promote decentralization and delegation of authority in public debt management. The study could assign the Ministry of Finance to approve the loan proposal based on the annual loan plan approved by the Prime Minister.
Carefully assess the impact on public debt safety, suitability, and reasonableness to allow localities receiving additional loans from the central budget balance to borrow back and allow the licensing of all ODA loans and foreign preferential loans from the Government.
