blue-check Amendments to conditions on on-lending of ODA loans

Decree No. 79/2021/ND-CP dated August 16th, 2021 of the Government on amendments to the Decree No. 97/2018/ND-CPstatus2 dated June 30, 2018 on on-lending of the Government's ODA loans and foreign concessional loans
Posted: 17/8/2021 7:23:48 AM | Latest updated: 10/5/2022 9:35:35 AM (GMT+7) | LuatVietnam: 5280 | Vietlaw: 559

This Decree amends, supplements some regulations pertaining to on-lending of ODA loans, such as:

- Reduction in value of the collateral with regard to public sector entities, from 120% to 100% of the outstanding debt of the sub-loan.

- Exemption from collateral with regard to on-lent loans acknowledged by a project management board affiliated to Ministry and then transferred to the People’s Committee of province.

- Reduction in on-lending rate with regard to local government that has the rate of additional funding from the central government budget to total local government budget expenditure at least 50%.

- Addition of the requirement of sending a copy of the signed loan security contract to the Ministry of Finance.

- Adjustment of time of submission of periodical reports on on-lending of ODA loans, re-payment of ODA loans with regard to enterprises.

Accordingly, the first report shall be submitted no later than July 31 of the year and the second report shall be submitted no later than February 15 of the following year; the earlier regulations required that the first report must be submitted before January 31 and the second report must be submitted before July 31.

- At least 15 days before the subsequent loan installment, the enterprise that is on-lent ODA loan must maintain account balance at least 2 subsequent loan installments if 2 loan installments are missed or 3 subsequent loan installments if 3 loan installments are missed.

This Decree takes effect from October 1st, 2021.

To annul clause 3 Article 17 of Decree No. 97/2018/ND-CPstatus2 dated June 30th, 2018.

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Effective Date 1-Oct-2021
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Published Vietlaw's Newsletter No. 559
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