Decision No. 58/2001/QD-TTg dated April 24, 2001 of the Prime Minister on post-investment interest rate support

DECISION

ON POST-INVESTMENT INTEREST RATE SUPPORT

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government of September 30, 1992;

Pursuant to the Governments Resolution No. 11/2000/NQ-CP of July 31, 2000 on a number of solutions to administer the plan for socio-economic development in the last six months of 2000;

Pursuant to the Governments Decree No. 43/1999/ND-CP on the States development investment credits;

At the proposal of the Minister of Finance,

DECIDES:

Article 1.-The levels of post-investment interest rate support shall be determined as follows:

1. For capital loans in Vietnam Dong, the annual level of post-investment interest rate support of projects shall be calculated by immature debt principals actually paid in the year multiplied (x) by 50% of interest rate of the States development investment credit, multiplied (x) by actual borrowing time (on early basis) for debt principals entitled to interest rate support.

The maximum duration of post-investment interest rate support shall be equal to the duration prescribed for projects borrowing the States development investment credit capital.

2. For investment projects borrowing capital in foreign currencies, it shall be determined as follows:

- The post-investment interest rate support levels shall be calculated according to provisions in Clause 1, Article 1 of this Decision,

- The interest rates on foreign currency loans used for post-investment interest rate support shall be determined as equal to 70% of foreign currency loan interest rate of credit institutions.

- The foreign currency loan interest rates of credit institutions used for considering the post-investment interest rate support shall, at most, be equal to the foreign currency loan interest rates announced by Vietnam State Bank at the time of capital borrowing.

Article 2.-This Decision takes effect after its signing.

For projects given post-investment interest rate support by Development Support Fund before the effective date of this Decision, the calculation of interest rate support levels from 2001 on shall also comply with this Decision.

The Minister of Finance shall coordinate with the Development Assistance Fund in guiding the implementation of this Decision.

The ministers, the heads of the ministerial-level agencies, the heads of the agencies attached to the Government and the presidents of the Peoples Committees of the provinces and centrally-run cities, the General Director of Development Assistance Fund shall have to implement this Decision.