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Canada helps Vietnam reduce poverty


The Canadian Embassy and the World Bank (WB) signed in Hanoi on March 24 a grant arrangement between the Canadian International Development Agency (CIDA) and the WB on the co-financing of the Poverty Reduction Support Credit (PRSC) for Vietnam.

Signatories were the Head of Aid and Counsellor (Development) at the Canadian Embassy, Dean Frank, and World Bank Country Director, Klaus Rohland.

CIDA's CDN 19 million grant, which will cover three years (from 2004-2005 to 2006-2007), will be used for the third, fourth and fifth operations of the PRSC in support of the Vietnamese Government's implementation of reforms outlined in its Comprehensive Poverty Reduction and Growth Strategy (CPRGS).

Dean Frank praised the PRSC process in Vietnam, saying "CIDA's contribution to the PRSC shows Canada's trust in the Government to implement reforms that promote equitable and sustainable economic growth, poverty reduction, and transparent and accountable governance. This grant is part of CIDA's effort to improve aid effectiveness and to promote aid harmonisation in Vietnam".

Thanks to its participation in the PRSC process, Vietnam is immediately eligible for debt relief under a recent Canadian initiative, he noted.

According to the Canadian Embassy in Hanoi, the PRSC is a five-year concessional budget support loan put in place in 2002 by the World Bank. The PRSC is co-managed by the World Bank and the Government of Vietnam and is disbursed in annual sums of US $100 million and through grants from other donors./.

 
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