(VOVworld) - The World Bank has approved a credit package worth 250 million USD  to help Vietnam reform its economic management. The credit is known as the first Economic Management and Competitiveness Credit for Vietnam (EMCC 1). Victoria Kwakwa, the WB Country Director for Vietnam, said: “The EMCC series will provide a platform for deepening and coordinating dialogue between development partners and the Government of Vietnam with a view to helping Vietnam transition to a new economic growth model, which targets competitiveness and the quality of growth.”

The EMCC will help monitor macroeconomic policies and ensure that it supports the stabilization efforts of the government. Public Investment Management, SOE and banking sector reforms are prominent themes of the program, in line with the government’s priorities for structural reforms. In addition, the EMCC prioritizes government efforts to streamline administrative procedures and strengthen fiscal disciplines because they are critical to productivity and competitiveness.