Vietnam PM Approves Post-Poverty Reduction Support Credit Program

The Vietnamese Prime Minister has allowed ministries and relevant agencies to work with the World Bank (WB) to build a program on post-period of Poverty Reduction Support Credit (PRSC). The program will be set up under the model of multi-sector development policy in small scale, the government said on its website late Dec 28. The global bank has funded a combined of $1.47 billion for nine programs of Poverty Reduction Support Credit (PRSC) in Vietnam since 2002. WB Director in Vietnam Victoria Kwakwa spoke highly of Vietnam’s efforts in poverty reduction and pledged to continue supporting Vietnam on the issue in the coming years. Vietnam targets to cut the poverty rate to between 4% and 5% by 2020, from the current rate of 9.45%, under the new poverty line expected to be applied from 2011, said the Ministry of Labor, Invalids and Social Affairs. (baodientu.chinhphu.vn Dec 28)