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International Monetary Fund

that each PRGF-supported program is consistent with a comprehensive framework for macroeconomic, structural, and social policies to foster growth and reduce poverty. PRGF loans carry an annual interest rate of 0.5 percent, and are repayable over 10 years with a 5½-year grace period on principal payments. After the Executive Board’s discussion on Vietnam, Shigemitsu Sugisaki, Deputy Managing Director and Acting Chairman, made the following statement: “The Vietnamese authorities have continued to make progress in implementing their three-year program, which seeks

Erich Spitäller and Mr. Gabrielle Lipworth

I. Introduction Disappointed at the failure of initial attempts to reform the old system from within, the Vietnamese authorities in 1986 made a commitment to abandon that system and move to a market economy. Piecemeal measures were introduced at first, followed by the launching of a bold and comprehensive reform program in March 1989. Complemented by financial stabilization, the program met with early success. Its continuation, however, was put at risk by the withdrawal of Soviet aid and the collapse of preferential arrangements with the CMEA area

International Monetary Fund. Asia and Pacific Dept

1. The Vietnamese authorities would like to thank the IMF mission team for candid and constructive policy discussions. The policy discussions centered on economic development since the 2016 Article IV Consultation, the near-term outlook, and policies to sustain high long-term growth and resilience. The authorities are encouraged by staff’s assessment that the authorities have made significant progress in maintaining growth momentum supported by political stability and sound economic fundamentals. In this connection, the authorities are committed to preserving

International Monetary Fund

On behalf of the Vietnamese authorities, I would like to express our appreciation to the Fund staff for devoting their time and unceasing efforts in working closely with the authorities to complete the second review of the PRGF-supported medium-term economic program. Despite the countless challenges and difficulties, the authorities’ determination to vigorously pursue economic reforms under the program over the last year has become evident and begun to bear fruit. In 2001, Vietnam achieved significant and encouraging results, a namely strong and sustainable