ADB annual meeting in Hanoi to focus on inflation control

08:32, May 03, 2011      

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Inflation control in the regional countries, including Vietnam, will be discussed in the sessions of the Asian Development Bank (ADB)'s 44th Annual Meeting of Board of Governors.

Governor of the State Bank of Vietnam Nguyen Van Giau addressed at the press conference held here on Monday ahead of the ADB's Annual Meeting to be held in Hanoi on May 3-6.

Some Asian countries are facing a bigger threat from inflation, including Vietnam. The Vietnamese government has tightened policy since February by cutting down ten percent of its fiscal spending, raising rates and clipping its credit growth target to counter inflation, Giau reported.

ADB Country Director to Vietnam Ayumi Konishi said the Vietnamese government has issued correct measures to curb inflation, however, policies will take time to be proved efficiency. Vietnam should consistently implement the set measures to curb inflation, despite the fact that some businesses may face difficulties in borrowing capital from banks.

During the upcoming ADB meeting, besides inflation, a wide range of issues will be discussed, including food security, the economic growth model, coping with instability of the hot money, infrastructure development and sustainable growth, Giau said.

Vietnam is one of ADB's 67 members. This is the first time that the country hosts the ADB annual meeting during its 45 years of ADB membership.

Vietnam is one of the biggest ADB-funded receivers, mostly in the areas of infrastructure development, social security, healthcare and alleviation of poverty. ADB pledged to grant Vietnam 1.3 billion U.S. dollars per year besides supporting the country to expand other modes of lending to achieve the goals of sustainable growth and comprehensive infrastructure development, Giau said.

Source: Xinhua
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