Sunday , June 20 2021

Congressional budget deficit in 2019 to 222 trillion



Congress approves budget estimates for 2019

Congress approves budget estimates for 2019

In the afternoon (9 November), the National Assembly passed a resolution on estimates of the state budget in 2019 with 86.19% of the participants voting for.

The budget deficit is over 220,000 billion

Accordingly, the "key" total budget revenue of the National Assembly in 2019 amounts to 1,411,300 billion; VND 1.633.3 billion. The deficit of the state budget was $ 222 trillion; the borrowing of the state budget amounts to VND425.252 billion. Of this, the central budget allowed a deficit of RSD 209.5 billion (about 3.4% of GDP), while local budgets amounted to $ 12.5 billion (0.2% of GDP). Total government loans amount to HRK 425.250 billion.

The total amount of government bonds issued in 2019 may not exceed RSD 40,000 billion for investment in programs and projects that meet the prescribed investment procedures.

The resolution stipulates that the base salary rate will be adjusted to 1.39 million dong per month at 1.49 million dong per month, adjusting retirement, social security allowance and monthly fee according to regulations. the state budget for the protection of persons serving the services of the revolution will increase by increasing the basic salary, the implementation period from 1 July 2013.

According to the content of the Resolution, from 2019, bringing 32% stake of Petroleum, Gas Host and Profit from Vietsovpetro Petroleum and 30% profit after taxation of the Industrial Group – Telecommunications of the Army (Viettel) to the central budget.

Specifically, the state of the state budget with 32% of oil and gas will be allocated for investment in the development of key projects in the mid-term investment plan 2016-2020. Vietnamese Gas (PVN). 30% of the profit after the taxation of Vietas will be invested in the development of the state budget of the Ministry of Defense for performing defense affairs approved by the competent authority.

Reduction of external debt, strengthening of public transport

"The government needs to closely monitor the deficit of the state budget, the lack of local budgets and the level of local government borrowing, take positive measures to reduce excessive costs and oversee borrowing and borrowing, and repayment of loans, especially for new loan contracts, foreign loans and loans guaranteed by the state ensure that they do not exceed the limit of public debt, government debt and foreign debts. "The resolution is stated.

On the other hand, lottery income continues to be spent on development investments, in particular education and training, public health, new rural construction.

At the resolution, the National Assembly allowed the use of the remaining budget of $ 10.380 billion in the central budget in 2017 to carry out tasks to offset the central budget revenue of 5,894 billion barrels; 2,815 billion VND; Support to some localities lacking resources to implement the salary policy amounts to RSD 1.671 billion. This amount was introduced into the expenditures of the state budget in 2017.

The resolution also assigned the Government to conduct a series of measures to manage fiscal and budgetary tasks in 2019. Especially required full savings of regular expenditures; Drastically reduce funding for organizing conferences, seminars, ceremonies, study trips and foreign research; Separate funds for equipment procurement strictly in strict accordance with regulations; accelerate the implementation of public contracting.

At the same time, the National Assembly asked not to allocate the budget for unpublished policies, only to issue policies to increase state budget expenditures when really needed and secure sources.

The Government is committed to continuing to direct ministries, central agencies and localities to strictly implement the policy of staff simplification, arranging and organizing administrative apparatus in a balanced, efficient and effective manner; Reconstruction of the mechanism of management, financial mechanism, reorganization of the system of public business units. On this basis, to restructure the budget in each domain, to reduce direct support from the budget for public service delivery units, first determine the source of salary reform.

The government's task is urgently to study and submit to the National Assembly for consideration and issuance of resolutions on the management and use of income from equity and the payment of state capital to enterprises.

Phuong Dung


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