The Prime Minister requested to continue to operate fiscal and monetary policies proactively, flexibly, with focus and key points; and synchronize fiscal policy tools.
Prime Minister Pham Minh Chinh chairs a meeting on fiscal policy. (Photo: Duong Giang/VNA)
On the evening of May 16, Prime Minister Pham Minh Chinh chaired a meeting with relevant ministries, branches and agencies on fiscal and monetary policy management to continue stabilizing the macro-economy, controlling inflation, promoting growth, ensuring major economic balances, controlling budget deficit, public debt, government debt, and ensuring people's material and spiritual lives.
Also attending were Deputy Prime Minister Le Minh Khai; Ministers, Heads of ministries and agencies: Government Office, State Bank, Ministry of Finance, Ministry of Planning and Investment, Ministry of Industry and Trade, Ministry of Justice, Ministry of Information and Communications, Ministry of Construction, Ministry of Transport and leaders of a number of relevant ministries, branches and agencies.
Delegates attending the meeting analyzed and discussed in depth the international economic situation, especially the adjustment of fiscal and monetary policies by some countries and their impact on Vietnam; issues related to domestic fiscal and monetary policy management such as exchange rates, interest rates, gold market developments, inflation, budget revenue, public spending, monetary policy space, and challenges to fiscal and monetary policy management.
In particular, delegates reviewed and proposed a number of solutions to manage fiscal and monetary policies in the coming time in accordance with the situation.
Concluding the meeting, Prime Minister Pham Minh Chinh affirmed that although the world situation is complicated, domestically, the macro economy continues to be stable, inflation is under control; economic growth is quite good; major balances of the economy are ensured; budget deficit, public debt, and government debt are well controlled; people's material and spiritual life, national defense and security are ensured, politics is stable, and social order and safety are ensured.
Assessing that the world situation continues to have unpredictable developments, with the motto of having to take early and long-term precautions to maintain macroeconomic stability, control inflation, promote growth, ensure major balances of the economy and sustainable development of socio-economic fields, the Prime Minister requested to continue to operate fiscal and monetary policies proactively, flexibly, with focus and key points; synchronize fiscal policy tools, closely coordinate, harmonize and reasonably with monetary policies and other macroeconomic policies.
Conduct monetary policy to ensure harmony and rationality between exchange rates and inflation in line with the world's deflationary trend; use market tools appropriately such as pumping money out and withdrawing money, and intervening in the foreign exchange market appropriately.
Prime Minister Pham Minh Chinh chairs a meeting on fiscal policy. (Photo: Duong Giang/VNA)
In which, pumping money out must reduce lending interest rates to serve production, business, create jobs, and create livelihoods for people.
Along with that, continue to have solutions, strengthen revenue management, increase state budget revenue; strictly manage state budget expenditure, increase expenditure savings, improve efficiency in management, allocation, and use of state budget, tighten financial discipline and order.
“Do not let exchange rates affect the macro economy, control inflation; flexibly manage deposit exchange rates; facilitate access to credit; reduce costs, reduce lending interest rates; increase digitalization; strive for credit growth of 5-6% in the second quarter; reduce costs, reduce lending interest rates by 1-2%,” the Prime Minister emphasized.
The Prime Minister directed to continue promoting public investment; focus resources on important and urgent tasks of the State, key national infrastructure projects, projects that promote inter-regional socio-economic development, social housing; research on bond issuance, mobilize all social resources, take public investment as the leading source of investment in infrastructure projects, in the immediate future, it is necessary to immediately mobilize about 100 trillion VND to serve projects in the 2021-2025 period; focus capital on new growth drivers such as green transformation, digital transformation, social housing, etc.
Regarding the management of the gold market, the Prime Minister requested to proactively deploy tools and solutions to manage, operate and stabilize the gold market more appropriately, promptly and effectively; continue to thoroughly review, evaluate and summarize the implementation of Decree No. 24/2012/ND-CP of the Government on the management of gold trading activities; inspect, supervise and resolutely strictly implement regulations on electronic invoices in gold trading, buying and selling activities at enterprises; strengthen inspection, supervision and strictly handle violations according to regulations, especially smuggling, illegal importation, profiteering, speculation, manipulation, price hikes, and illegal competition...
Prime Minister Pham Minh Chinh requested that information and media promptly and accurately reflect the situation, create consensus in society; effectively implement directions and operations to effectively achieve the goals of stabilizing the macro economy, controlling inflation, promoting growth, ensuring major balances of the economy, and ensuring the material and spiritual life of the people./.
According to Vietnam+
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