Deputy PM: Government not to raise public debt ceiling

16:33 | 17/11/2017 Finance - Banking

The Government will not raise the public debt ceiling in order to ensure debt payment capacity and balance the national financial system, said Deputy Prime Minister Vuong Dinh Hue during the hearing session of the 14th National Assembly’s fourth sitting on November 16.

deputy pm government will not raise public debt ceiling
Deputy PM Vuong Dinh Hue has affirmed that the Government will not raise public debt ceiling - Credit: VGP

The Deputy PM said that in 2015, the public debt hit the ceiling of 65% of gross domestic product (GDP) and Government debt exceeded 53% of GDP.

He highlighted the target of ensuring rapid, sustainable development in tandem with addressing the shortcomings of the national economy during 2016-2020, describing this as a hard task for the entire political system.

To that end, the Government has assigned the Ministry of Finance to review the project on the restructuring of budget collection and spending, he said, adding that the Politburo has issued a resolution on measures to restructure the state budget and manage public debt to ensure a safe and sustainable national financial system.

Deputy PM Hue presented a number of solutions taken or to be taken by the Government by 2020, focusing on developing the market economy and combining fiscal, monetary, and other macro policies together.

He underlined the need to push the restructuring of the economy and model of growth, while improving economic competitiveness and developing sustainably.

The official also talked about tax fraud in foreign investment attraction and domestic tax management.