VietNamNet Bridge - Both the State and commercial banks have announced the launching of credit packages at preferential interest rates to fund house purchases. However, the packages still have not reached out to people. People have been in high spirits after hearing the news that a government's credit package would allow them to borrow money at the preferential interest rates of 7-8 percent per annum to buy houses. … [Read more...] about Govt’s credit package funding house purchases inaccessible to people
Govt news
Despite govt effort, spending still on the rise
VietNamNet Bridge - Although the Vietnamese government had ordered a widespread reduction in public spending, data from the General Statistics Office (GSO) has shown that public expenditures in provinces and cities in the first five months of 2011 have far exceeded those from the previous year. Spending in Hanoi surged 17.3 percent year on year to about VND6.1 trillion, making the city the biggest spender during the reviewed period, according to the GSO. However, Hoang Manh Hien, vice chairman of Hanoi's government, told Tuoi Tre that the city has met its revised annual spending target of 30.4 percent. … [Read more...] about Despite govt effort, spending still on the rise
Govt targets speculation, price rises
The prevention of price speculation and rises in the cost for essential goods would be among the Government's major tasks for the remainder of the year, Prime Minister Nguyen Tan Dung told the monthly cabinet meeting in Ha Noi yesterday, August 4. … [Read more...] about Govt targets speculation, price rises
ECB holds rates, puts onus on govts to foster growth
The European Central Bank, meeting in Spain on Thursday, held interest rates at historic lows but insisted it was up to governments to find ways of boosting growth without busting fiscal rules. Following a raft of recent policy steps to prop up the euro and keep the single currency area's debt-wracked economy up and running, ECB chief Mario Draghi refused to give any indication when the bank might take further anti-crisis measures. Instead, Draghi said the onus was firmly on governments to find ways of boosting growth without easing up on crucial efforts to get their finances in order. Economic growth and fiscal consolidation are not contradictory and governments can still rein in their public deficits without undercutting growth, he argued. "There is absolutely no contradiction between a growth compact and a fiscal compact," Draghi told a news conference. "We have to put growth back at the centre of the agenda," he said. A growing number of eurozone countries are … [Read more...] about ECB holds rates, puts onus on govts to foster growth
Libya elects new govt head, NATO lifts air cover
Libya's interim rulers elected a technocrat and businessman to head a transitional government as NATO ended the air campaign that played a major role in ousting dictator Moamer Kadhafi. Abdel Rahim al-Keib, a native of Tripoli, was elected prime minister in a public vote carried out by the members of the National Transitional Council, an AFP correspondent reported. Keib, little known until now, is also an academic who specialises in electrical engineering. He beat four other candidates, winning 26 out of 51 votes. "This vote proves that Libyans are able to build their future," NTC chairman Mustafa Abdel Jalil said after he voted. Keib, is both an academic and a wealthy businessman, who spent decades abroad as an opponent of Moammer Kadhafi before joining the pro-democracy revolution that overthrew him. He has been generous in his financial support for the National Transitional Council. "The main aspects of his programme were the stability of the country, of course, the security … [Read more...] about Libya elects new govt head, NATO lifts air cover