City to grant no more State capital for construction projects this year
HCM City People�s Committee will not adjust or grant additional State
capital for construction and investment projects in the remaining months of this
year in order to stabilize the macro economy and ensure social welfare and
Instead, the city will allocate capital for projects and fields targeted to
control inflation and price rises, and store necessary consumer goods to serve
people in the last six months and the coming occassion of Tet (lunar new year).
The city government assigned relevant agencies and district
authorities to accelerate the implementation of projects that were allocated capital
earlier and ensure their quality, especially key projects which affect many
households and the city�s environment.
The city government also asked its agencies, district authorities
and State companies to reduce their public spending by 10%, increase savings and
limit overseas trips for study and experience-learning purposes.
(Translated by MT � July 17, 2008)