Accordingly, the new parliament approved VND26.17 trillion added to the State budget expenditure estimate for 2014 due to a hike in the ODA use.
In 2014, the State budget revenue totalled VND1.13 quadrillion, the spending was nearly VND1.34 quadrillion, leading to an overspending of VND249.36 trillion that represents 6.33 percent of the GDP.
Over VND196.69 trillion sourced from domestic loans and another VND52.67 trillion from foreign loans will make up for the overspending in 2014.
At the plenary session, part of the 14th NA’s first session, Chairman of the NA’s Committee for Financial and Budgetary Affairs Nguyen Duc Hai explained about budget-related issues raised by some deputies on July 28.
He echoed the lawmakers’ view that some localities have not done a good job of estimating budget revenue while budget expenditure plans have not been made in accordance with local reality, resulting in imbalanced spending.
The NA Standing Committee will ask the Government to direct ministries and localities make budget estimates in line with their realisation capacity and improve the quality of planning budget spending, he said.
Hai also agreed with the deputies on the prevalence of violations in spending on major construction investment projects, leading to the sluggish progress and wastefulness of many projects.
He added that the NA Standing Committee will also request the Government to redouble management over the State budget use and thoroughly address existing flaws