VNĐ2.5 trillion to be allocated for estimated State budget recurrent expenditures: finance minister

October 17,betis – ath. bilbao 2023 - 18:36 Your browser does not support the audio element. The NA finance-budget committee required the government to submit a specific report on the remaining amount and clarify the disbursement feasibility during this year. 

The National Assembly Standing Committee convenes on Tuesday. — VNA/VNS Photo Doãn Tấn

HÀ NỘI — Approximately VNĐ2.5 trillion (US$102 million) will be allocated for the estimated State budget recurrent expenditures, said finance minister Hồ Đức Phớc at the National Assembly (NA) Standing Committee meeting on Tuesday. 

The proposal is expected to be submitted to the NA for review and approval at the assembly’s sixth session this month, the minister added.

Head of the NA Committee for Finance-Budget Lê Quang Mạnh said that as of October 5 this year, the Government has only allocated 3.5 per cent of the total budget for recurrent expenditures for ministries, State agencies and localities. 

The delayed process leads to inefficiency in utilising the State budget resources, said Mạnh.

The inspection team also requested that the Government take measures and avoid cases of unallocated funding in the annual State budget estimates. 

The NA finance-budget committee also required the Government to submit a specific report on the remaining amount to the NA and its Standing Committee, and to clarify the disbursement feasibility during this year. 

Mạnh added: “Most delegates agree that in case the amount is not put to use, the Government should look into the matter and reallocate the amount to other urgent and necessary tasks, avoiding wasting the resources.”

The head of the NA finance-budget committee said that another suggestion is, in case the amount is not allocated or is no longer necessary, it should be subtracted from the estimates to reduce the State budget deficit and interest costs, and mobilise resources to offset overspending.

Finance minister Hồ Đức Phớc said that the delayed allocation is due to the slow promulgation of policies and legal frameworks among ministries and sectors. 

He added that the budgeting and spending processes are done in a strict manner and therefore disbursement is only possible when all criteria are met. 

Speaking at the meeting, deputy State auditor Đặng Thế Vinh required clarification on whether the additional amount to the estimated recurrent expenditures is for new or existing tasks, as there are insufficient documents for budget allocation. 

He also proposed identifying the responsibilities of relevant authorities, ministries and localities to avoid similar cases in the future. 

Sharing the same perspective, NA Deputy Chairman Nguyễn Đức Hải required clear reports on why a large amount of the State budget is unallocated, with only a small amount proposed near the end of the year. 

Appropriate mechanisms should be proposed to effectively utilise the allocated funding, he added. 

The sixth session of the 15th-tenure NA is scheduled to take place from October 23 to November 29. 

The NA is expected to review and approve nine law projects and two resolutions, while also commenting on eight other law projects, socio-economic issues and the State budget. 

Topics of discussion include investment in building traffic infrastructure, settlement procedure for the annual State budget, ratifying the UK’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the resettlement and compensation process related to the Long Thành International Airport project. 

The assembly will also hold votes of confidence for officials elected or approved by the NA. 

Noting that preparations for the NA’s sixth session are basically completed, NA Chairman Vương Đình Huệ underlined strict compliance with the meeting regulations, with additional topics added only in cases of emergency with approval from relevant authorities. — VNS