Saturday, 16 Dec 2017
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INVESTMENT

Govt. Issued plan on allocating ODA counter-capital to local administrations

Updated at Friday, 11 Aug 2017, 14:22
The Hanoitimes - The Prime Minister has approved the program on supporting counter-capital for Official Development Assistance (ODA) projects to local governments in the period 2016-2020.
Under the program from now to   2020, 48 provincesand cites experiencing budget shortage  will have better financial resources to speed up the disbursement of funding (approx. 2,4 billion USD) from International donors. 


 
​The program also includes the government provision of another   308 million USD of counterpart fund to finalize 300 projects originally implemented during the period 2011-2015, which are now set to be completed in period 2016-2020. 

The program contemplates kicking off  critical projects for the period  2016-2020 already having donors funding and projects left unfinished from the period of 2011-2015 now set to  be completed in 2016-2020 will be allocated  132 million USD worth of counterpart fund.

The total funding  for this program amounts to more than 400 million USD sourced from the state budget which is subject to adjustment  when new ODA projects take off or new financial sources is found. The principles for  allocating counterpart funds from state budget is based on the Decision No.40/2015/QD-TTg dated September 14, 2015 of the Prime Minister. 

As such, counterpart funds will only be allocated when the amount is deemed sufficient for the project  life cycle and within the medium - term investment plan of the  period 2016-2020. The annual plan to allocate  counterpart funds shall not  exceed the estimated cost stated in the medium term investment plan. At the same time, the counterpart fund must be allocated sufficiently and timely in accordance with the  progress of ODA project. 

The priority for counterpart funds allocation is based on the the remaining time needed to complete projects. The effciency of counter-capital is assessed based on the implementation of the 300 ODA projects left from the 2011-2015 period. 

However, counterpart funds provided by the government only  cover a part of local need of counter-capital for locally managed ODA projects.  Therefore, during the implementation process, provinces and cities must act upon the situation and mobilize other financial resources to ensure the projects to be  on the track. It is also the responsibilities of provinces to manage the funds efficiently and on target, in turn speed up the ODA funds’ disbursement progress. 

All administrative agencies related to the program from central to local level must increase the efficiency in operation and improve  cooperation between agencies to better define the responsibilities and issues arose during the implementation process, the program stipulated.
Nguyen Tung - Khang Nhi
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