On September 30, 2020, the Final Workshop of the Technical Assistance (TA) on Private Sector’s Foreign Debt Management funded by the International Monetary Fund (IMF) was orgnanized in virtual format under the chair of Deputy Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV).
An overview of the meeting
Also attending the meeting were leaders of the International Cooperation Department, the Foreign Exchange Management Department, the Monetary and Financial Stabilization Department, the Monetary Policy Department, the Monetary Forecasting and Statistics Department and the National Credit Information Center of Vietnam.
At the meeting, Dr. Gurnain Kaur Pasricha, IMF Senior Financial Specialist and Head of the TA Team, presented a report on the TA and the Team’s recommendations after one month’s work with the SBV departments, the Ministry of Finance, the General Statistics Office, a number of commercial banks and foreign institutions in the private sector.
Representatives from the SBV departments speak at the meeting
After that, the representatives of the SBV entities joined an active discussion with the IMF’s TA Team about the contents of the report and its recommendations. Generally, the SBV entities agreed with the IMF's approach on the need to implement necessary reforms to enhance the management over risks associated with self-borrowed and self-repaid foreign debts of the private sector, as well as to support the reform of the overseas debt management framework by a macro-prudential framework. The SBV entities also requested the IMF TA Team to supplement the quantitative indicators to the process of reforming the foreign debt management in the private sector and to provide additional relevant lessons learnt from other countries.
Deputy Governor Nguyen Thi Hong speaks at the meeting
In concluding the meeting, SBV Deputy Governor Nguyen Thi Hong thanked the IMF Mission for having completed the TA on the foreign debt management framework for the Vietnamese private sector, and for the Team’s useful recommendations. The Deputy Governor emphasized that the implementation of the IMF’s recommendations requires the engagement of not only the SBV but also other relevant ministries and agencies such as the Ministry of Finance, the General Statistics Office, the Ministry of Natural Resources and Environment, etc. Therefore, the SBV would continue to coordinate with the relevant ministries and agencies to take the IMF's recommendations into careful consideration in the coming time.
Le Hang