The National Assembly will consider fiscal and monetary policies at an extraordinary session.
Voters and people are expecting that the fiscal and monetary policies decided by the National Assembly will be solutions designed and implemented quickly and promptly.
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| Second session, 15th National Assembly. Photo: VNA |
On January 4, for the first time, the National Assembly will hold an extraordinary session to consider and decide on four urgent issues. Notably, the Draft Resolution on fiscal and monetary policies to support the implementation of the Socio-Economic Recovery and Development Program is expected to accelerate the process of socio-economic recovery and development in the context of the complicated developments of the Covid-19 pandemic.
Submitting to the National Assembly the Draft Resolution on fiscal and monetary policies to support the implementation of the Socio-Economic Recovery and Development Program is of important and urgent significance in order to concretize the Party's policies, the National Assembly's Resolutions and meet practical requirements.
In the context of the extremely complicated developments of the Covid-19 pandemic, seriously affecting the country's development, deciding and implementing special, timely, breakthrough and widespread support policies will help the economy recover soon, creating a foundation for development in the coming years, preventing Vietnam from falling into economic recession and reducing long-term growth drivers.
Standing member of the National Assembly's Economic Committee Pham Thi Hong Yen said: The draft Resolution ensures persistence and maintenance of macroeconomic stability, enhances the autonomy, resilience and adaptability of the economy; and only uses the state budget deficit for development investment in accordance with the law.
“When implementing the financial and monetary policy package, it is also necessary to ensure the major balances of the economy, as well as meet immediate and long-term needs, ensure mobilization, management, and allocation of resources to combat negativity and group interests. The five main solutions include opening the economy, supporting employment, supporting businesses, unlocking resources, improving the investment and business environment, prioritizing the health sector in conjunction with the overall program and strategy for preventing the Covid-19 pandemic,” Ms. Yen said.
The draft Resolution on fiscal and monetary policies supporting the implementation of the Socio-Economic Recovery and Development Program focuses on increasing both aggregate supply and aggregate demand, with priority given to aggregate supply. Coordinate flexibly, closely, and harmonize fiscal policy, monetary policy, and other policies (such as trade, service, and investment policies) to optimize resources. This policy is large enough in scale, with central and key objectives to solve urgent problems and avoid wasting resources.
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| Delegate Nguyen Huu Toan - Deputy Chairman of the National Assembly's Finance and Budget Committee. |
Deputy Chairman of the National Assembly's Finance and Budget Committee Nguyen Huu Toan stated that the overarching goal must be macroeconomic stability: "In the current difficult conditions, we still ensure the goal of macroeconomic stability. This is the biggest driving force for us to return, so the next task to restore the economy is to maintain macroeconomic stability. When we use the stimulus package, it means pumping more money into the economy. Increasing money will increase the deficit. Increasing the deficit will increase public debt, but it is necessary to calculate a certain level, linked to the economy's ability to absorb capital. To ensure achieving the growth target, while maintaining macroeconomic stability."
Voters and people are looking forward to the fiscal and monetary policies decided by the National Assembly at the Extraordinary Session. These will be solutions designed and implemented quickly and promptly, the resources proposed must be absorbed to the maximum, have a time limit for implementation mainly with an appropriate roadmap to recover and stimulate the economy, while ensuring the major balances of the economy, meeting immediate and long-term needs associated with the Economic Restructuring Plan for the period 2021 - 2025. Fiscal and monetary policies need to mobilize, manage, allocate and use resources reasonably, transparently, publicly, and combat negativity and group interests./.
