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CAMDESSUS VERY MUCH WELCOMES IMF LOAN TO VIETNAM: CLEARANCE OF IMF ARREARS FURTHER SUCCESS OF COOPERATIVE EFFORT

 HANOI, Vietnam, Oct. 12 /PRNewswire/ -- Michel Camdessus, the managing director of the International Monetary Fund (IMF), said he "very much welcomed the decision by the IMF's Executive Board on Oct. 6 to approve loans to Vietnam totaling SDR (Special Drawing Rights) 157 million (about US$223 million)." Camdessus told a press conference that the new loans to Vietnam were made possible by the clearance of Vietnam's arrears to the IMF that took place on Oct. 5, and the subsequent termination by the IMF's Executive Board of Vietnam's ineligibility to use IMF financing.
 Camdessus said that the clearance of Vietnam's arrears "was greatly facilitated through grants made by members of a support group headed by France and Japan, and by bridge financing. The restoration of Vietnam's eligibility to use IMF financing represents a further successful resolution of a case of protracted arrears under the IMF's cooperative strategy on overdue financial obligations," he said.
 Camdessus commended the Vietnamese authorities "on the courage and determination with which they have been implementing the decisive reforms needed to move towards a market-oriented economy. Clearly these measures have already started to bear fruit; since 1989 real GDP growth has averaged about 7 percent, while inflation has declined to less than 10 percent. Vietnam's economic program for 1993-94, which the new IMF loans support, builds on this base. I am confident that this economic program will bring about a further improvement in economic performance," he said.
 The restoration of normal relations between the IMF and Vietnam "represents an important step toward the reintegration of Vietnam into the international financial community," Camdessus said, adding, "I am confident that this will enhance the international support for Vietnam's program of economic reform and adjustment."
 During his current three-day stay in Vietnam, the first visit by an IMF managing director, Camdessus is visiting Hanoi and Ho Chi Minh City, and is holding discussions with the Secretary General Do Muni, the Prime Minister Vo Van Kiet, the Vice President of the Socialist Republic of Vietnam Nguyen thi Binh, the Minister of Foreign Affairs Nguyen Manh Cam, the Minister of Finance Ho Te, and Governor Cao Si Kiem, and board members of the State Bank of Vietnam. Camdessus is also meeting with representatives of non-governmental organizations (NGOs) and Aid Agencies involved in Vietnam, and representatives of the business and diplomatic communities.
 -0- 10/12/93
 /CONTACT: International Monetary Fund, External Relations Department, 202-623-7100/


CO: International Monetary Fund ST: IN: FIN SU:

IH-DC -- DC019 -- 1205 10/12/93 14:54 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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