Prime Minister hosts IMF’s Article IV consultation team

Prime Minister Pham Minh Chinh (R) and Sanjaya Panth, Deputy Director of the IMF’s Asia and Pacific Department at the meeting (Photo: VNA)

Hanoi - Prime Minister Pham Minh Chinh on June 29 received a delegation of the International Monetary Fund (IMF) headed by Sanjaya Panth, Deputy Director of the IMF’s Asia and Pacific Department, who are on a working trip in Vietnam for Article IV consultation.

Expressing his satisfaction with the results of the cooperation between Vietnam and the IMF, PM Chinh stated that the Vietnamese Government always listens to and highly values the evaluation opinions and policy advice from the IMF. The report by the Article IV consultation team is one of the important sources of input information for the making and implementation of policies by the government, ministries and sectors.

The IMF’s consultation and policy dialogue activities have supported the Vietnamese government in formulating stable and effective socio-economic development policies, especially during the COVID-19 crisis and the current global instability, PM Chinh said.

The IMF delegation congratulated the country on its positive economic and social achievements, particularly after the pandemic.

They noted that global growth prospects are relatively weak, but the Asian region, including Vietnam, sees more favourable ones and can serve as a global growth driver. The Vietnamese economy is expected to grow better in the last months of 2023 and this growth momentum is likely to be sustained and bolstered in the coming years.

The government leader expressed the desire for the IMF to continue providing competent Vietnamese agencies with training programmes and technical support in economic, financial, and monetary management, and statistics.

He proposed that the team and IMF Resident Representative Office in Vietnam further enhance policy advisory activities for the Vietnamese government and agencies. The PM also expressed his hope and confidence that the already good relationship between the sides will be increasingly consolidated and strengthened and that the IMF will continue to accompany Vietnam in its future development process.

Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

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