(VOVWORLD) - At the NA’s first extraordinary meeting on Tuesday, deputies discussed the draft resolution on fiscal and monetary policies worth 15 billion USD to support the socio-economic recovery and development program.
"Credit is a good source of capital for businesses. The combination of fiscal and monetary policies is a good policy which does not require much from the state budget while still benefiting businesses. With a focus on production, the stimulus package will become a resource for development. The mechanism will help disburse public investment and increase businesses’ access to credit," said Hoang Van Cuong, a NA deputy of Hanoi.
Minister of Planning and Investment Nguyen Chi Dung said the aim of the socio-economic recovery and development program is to quickly recover the production and supply chains and the labor market to achieve a growth rate of 6.5 to 7% during the 2021-2025 period.
"This is a big program that will be implemented during 2022 and 2023. It will cover policies and solutions to increase efficiency, productivity, competitiveness, and self-reliance of the economy in the medium and long-term period," said Mr. Dung.
Under the program, 2.6 billion USD will be spent on reopening the economy while improving the capacity of the health care sector and containing the pandemic, 2.3 billion USD will be used for ensuring social security and generating jobs, and more than 4.8 billion USD will be used to help businesses, cooperatives and household businesses recover.
At the meeting, the government proposed the NA consider increasing state budget overspending to increase resources for the program while continuing tax relaxations in 2022.