Public investment adjusted due to Covid-19 epidemic

Wednesday, 29/09/2021, 22:54 [GMT+7]

Public investment adjusted due to Covid-19 epidemic

Khanh Hoa Provincial People's Committee has just agreed to submit to the Provincial People's Council on the adjustment of public investment capital in 2021. Accordingly, many projects will have their capital reduced to prevent unsatisfactory budget revenue due to the impact of the epidemic.
 
As planned, VND 440,354 billion will be reduced in the provincial capital for some projects in trouble and more than 440 billion VND will be added to unallocated sources and flood recovery funds in case of unsatisfactory budget revenue due to the impact of the Covid-19 epidemic. For capital managed by the district level, the Provincial People's Committee will reduce 213,669 billion VND of the capital for capital construction and 118,727 billion VND of land use right granting capital to put into unallocated sources…
Capital from the central budget and ODA will be cut in projects that are stuck in site clearance, and unable to fully disburse the capital plan in 2021. 
 
Tran Hoa Nam - Director of the provincial Department of Planning and Investment affirmed that the proposed adjustment this time has met the requirements of reducing the capital plan of most projects slow in compensation, clearance and investment procedures.
 

 

Executing dam to prevent salt on Cai River
Executing dam to prevent salt on Cai River
 
Although the plan to adjust public investment capital has been approved by the members of the Provincial People's Committee, there are some departments and agencies that are still concerned about projects with good disbursement progress. investment will have difficulty paying. In particular, with large projects, which have signed workload contracts with construction units, by the end of the year, there will not be enough capital to liquidate the contract. Some investors suggested the Provincial People's Committee to reduce capital with little or no reduction and committed to achieve the disbursement progress of 100% of the capital. However, Mr. Vinh Thong - Director of the Department of Finance explained: "The capital adjustment does not completely depend on the construction progress and disbursement. This is an adjustment to harmonize revenue and expenditure, to balance the budget, especially in the context of the economy being heavily affected by the Covid-19 epidemic.
 
Besides, in order to complete the public investment plan 2021, the Provincial People's Committee continues to direct departments, agencies, district-level People's Committees and investors to thoroughly understand and perform well managing investment and handle outstanding debt in capital construction according to the Government's regulations…
 
The Provincial People's Committee also requested the advisory group and the assistance team to focus on handling and completing the compensation, clearance work and investment procedures of the projects to accelerate the implementation and disbursement of the 2021 capital plan...
 
Dinh Lam
 
Translated by T.T