Five operations (PRSC 1-5) have been implemented successfully in 2001-2006. PRSC operations are channelled directly to the government budget to support sustainable growth and poverty reduction.
Denmark has been co-financing PRSCs since it’s beginning in 2001. Its support to PRSC 6 is provided in recognition for the progress accomplished in policy reforms in Vietnam over the last year. Other co-financiers include ADB, Australia, Canada, Germany, the EC, Ireland, Japan, the Netherlands, the UK and Spain.
“PRSC 6 represents a very important milestone in Vietnam’s reforms towards a market economy and poverty reduction” said Mr. Ajay Chhibber, World Bank Country Director for Vietnam, “The credit will provide further support to Vietnam’s reform program.
These reforms in business and financial sector development, better governance and social inclusion are vital steps that Vietnam needs to become a middle-income country by 2010.”
PRSC 6 supports reforms in four important areas, which are business development, social inclusion, natural resources and modern governance.