Circular 56/2009/tt-Btc: The Guide Method Of Calculating Target Monitoring And Surveillance Activities Public Debt And External Debt

Original Language Title: Thông tư 56/2011/TT-BTC: Hướng dẫn phương pháp tính toán chỉ tiêu giám sát và tổ chức hoạt động giám sát nợ công và nợ nước ngoài

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Pursuant to the law on public debt management, June 17, 2009;

Pursuant to Decree No. 118/2008/ND-CP on November 27, 2008 of the Government functions, tasks, powers and organizational structure of the Ministry of finance;

Pursuant to Decree No. 79/2010/ND-CP dated 14/7/2010 of the Government on public debt management services;

The Ministry of Finance shall guide the methods of calculating the targets of surveillance and monitoring activities organized public debt and external debt of the country as follows: chapter I GENERAL PROVISIONS article 1. Scope this circular specific guidelines criteria calculation methods of monitoring public debt and external debt of the countries specified in Articles 7 and active organization of monitoring public debt stipulated in article 8 of Decree No. 79/2010/ND-CP dated 14/7/2010 of the Government on public debt management services.

Article 2. Explanation of terms In this circular, the terms have been explained in article 3 of the law on public debt management, and 2 Government Decree on public debt management professional is used with the same content. The terms below are interpreted as follows: 1. the safety norms of the target system's debt rules the maximum limit of the related debt because Congress decided in each period to ensure the safety of the national debt.

2. Monitoring of the debt is the State agency involved through the monitoring indicator system of debt to make regular debt status tracking, analysing, assessing the level of risk for debt portfolios, which promptly put out the tuning suitable debt management policy.

3. the monitoring indicator system of debt including the General index reflects the level of public debt and the country's external debt, debt solvency in relation to compare with the macro-economic targets.

4. The total outstanding balance is the sum of the loan funds already disbursed but not yet repaid or not yet clear debt at one point arising from the loan of the subject loan allowed under the provisions of the law of Vietnam.

5. obligations of debt is the total amount payable, including root, interest rates and fees in the range of the given time limit.

6. overdue debts are debts where a part or the whole root or/and overdue interest rate until a certain point.

7. short-term Debt is the debt payment term under 1 year.

8. General domestic product (GDP) is the value of the new goods and services generated by the whole of the economy in a given time period, calculated at the actual price, according to figures by the Statistics Bureau announced.

9. the State Forex reserve assets by the foreign exchange balance sheet currency of the State Bank of Vietnam, according to figures by the State Bank of Vietnam announced in accordance with the current legislation.

10. Exports of goods and services is the value of goods and services exports in the period of monitoring, according to figures by the Statistics Bureau announced.

11. Currency the State budget includes revenues from taxes, charges and fees; the revenues from the State's economic activity; the donations of organizations and individuals; the aid; other revenues prescribed by law.

12. The exchange rate between the currency and Vietnam to calculate the targets on debt in foreign currency is the foreign currency accounting rates because the Finance Ministry announced.

Chapter II MONITORING INDICATORS SYSTEM for PUBLIC DEBT and EXTERNAL DEBT of the COUNTRY article 3. Target monitoring of public debt and the country's external debt indicators system of monitoring public debt and external debt of the countries specified in article 7 of Decree 79/2010/ND-CP of the Government on 14/7/2010 on the debt management services.

Article 4. Method of determining the norms of monitoring public debt 1. Public debt compared to GDP: a) this indicator reflects the scale of public debt compared to income of the entire economy and are calculated at the time of December 31 of every year.

b) this indicator is calculated as follows: the ratio of public debt compared to GDP = total outstanding at the time of the December 31 x 100% of GDP accumulated to December 31 2. Government debt compared to GDP: a) this indicator reflects the scale of government debt compared to income of the entire economy and are calculated at the time of December 31 of every year.

b) this indicator is calculated as follows: the ratio of government debt compared to GDP = total outstanding of Government as of 31/12 x 100% of GDP accumulated to December 31 3. Foreign commercial debt loans of Government compared to GDP: a) this indicator reflects the scale of foreign commercial debt loans the Government compared to the income of the entire economy and are calculated at the time of December 31 of every year.

b) this indicator is calculated as follows: ratio of debt to foreign commercial borrowing by the Government compared with GDP = total outstanding foreign government trade in 31/12 x 100% of GDP accumulated to December 31 4. Government-guaranteed debt compared to GDP: a) this indicator reflects the scale of the debt guaranteed by the Government compared to the income of the entire economy and are calculated at the time of December 31 of every year.

b) this indicator is calculated as follows: ratio of debt guaranteed by the Government compared with GDP = total outstanding is the Government guarantee as of 31/12 x 100% of GDP accumulated to December 31 5. Government debt obligations than the State budget revenue: 5.1 obligations of repayment (root, interest, fees) for the Government's loans to balance the budget: a) this indicator determines the scale of government debt for the loan on to balance the budget to the limit every year than the possibility of repayment of the Government by the State budget revenues and is calculated at the time of December 31 every year.

b) this indicator is calculated as follows: the ratio of debt obligations of the Government for the loans on to balance the budget than the State budget revenue = the repayment obligations of the Government for the loans on to the budget balance accumulated up to 31/12 x 100% of the accumulated State budget Revenues to December 31 5.2 repayment obligations (original , interest rate, fees) for government loans on lending again: a) this indicator determines the scale of indirect debt of the Government to limit each year than the State budget revenues.

b) this indicator is calculated as follows: the ratio of debt obligations of the Government for the loans on lending again than State budget revenue = the repayment obligations of the Government for the loans back accumulated up to 31/12 x 100% of the accumulated State budget Revenues to December 31 6. Debt obligations of the Government compared with the currency of State budgets: a) this ratio determines the scale of contingency debt obligations arising from loans, issuing Government-guaranteed bonds in comparison with the budget of State revenues and are calculated at the time of December 31 of every year.

b) this indicator is calculated as follows: the ratio of the debt obligations of the Government versus the State budget revenue = debt obligations of the Government accumulated to December 31 x 100% of the accumulated State budget Revenues to December 31 7. Local government debt compared to GDP: a) this indicator reflects the scale of the debt of all local authorities compared to the income of the entire economy and are calculated at the time of December 31 of every year.

b) this indicator is calculated as follows: the ratio of local debt compared to GDP = total outstanding of all localities in 31/12 x 100% of GDP accumulated up to 31/12 article 5. The method of determining the targets of foreign debt monitoring 1. The country's external debt compared to GDP: a) this indicator reflects the correlation of residual value of the country's external debt compared to income of the entire economy and are calculated at the time of December 31 of every year.

b) this indicator is calculated as follows: percentage of the country's external debt compared to GDP = total outstanding of foreign countries as of 31/12 x 100% of GDP accumulated to December 31 2. The obligation to pay the foreign debt (origin, interest rates, fees) of annual country compared to exports of goods and services: a) this indicator reflects the ability of foreign debt repayment from export earnings in goods and services, thereby reflecting the liquidity of foreign debt and are calculated at the time of December 31 of every year.

b) this indicator is calculated as follows: Charged the country's external debt compared to the XK HH & DV = obligation to pay the country's external debt accumulated to December 31 x 100% exports of goods and services accumulated to December 31 3. State foreign exchange reserves compared to short-term external debt: a) this indicator reflects the ability to use foreign reserves to pay short-term foreign debts and are calculated at the time of December 31 of every year.

b) this indicator is calculated as follows: the State Forex reserve compared to short-term external debt = foreign reserves as of 31/12 x 100% short term foreign debt Balance as of 31/12 article 6. The monitoring indicators of debt overdue overdue rate for loan debt of the Government: a) this indicator reflects the scale of the overdue debt in total outstanding loans of the Government at the time of December 31 of every year.

b) this indicator is calculated as follows: the ratio of overdue debt for the loan debt of Government = total outstanding of the overdue debt for the loan debt of the Government at the time of December 31 of the total outstanding loans of the Government at the time to December 31 2. The rate of overdue loans for the guarantee of the Government: a) this indicator reflects the scale of the overdue debt in the total outstanding balance of these loans are guaranteed by the Government at the time of December 31 of every year.

b) this indicator is calculated as follows:

 






The rate of overdue loans for the guarantee of the Government = total outstanding overdue debts for loans guaranteed by the Government at the time of December 31 total outstanding is the Government guarantee as of 31/12 3. The rate of overdue debt for the auto loan self foreign debts charged: a) this indicator reflects the scale of the overdue debt in the total debt balance of foreign loans loan self self pay (including short, medium and long term) at the time of December 31 every year.

b) this indicator is calculated as follows: the ratio of overdue debt for foreign debts borrowed self self pay = total outstanding overdue debts for countries outside the self loan debts paid as of 31/12 of the total outstanding foreign loans loan self self pay at the time of December 31 article 7. The target about the term structure, interest rate 1. Medium and long-term debt-short-term debt for public debt and external debt of the country.

2. The structure of domestic loan debt (bills, bonds) and foreign loans (ODA, incentives, trade) by the Government.

3. the average loan interest rate of the loan is calculated on the basis of the weighted average of the loans with different loan terms.

4. the average loan term of the loan is calculated on the basis of the weighted average of the loans with different periods.

Article 8. The system of indicators evaluate the effectiveness of debt management 1. The system of indicators evaluate the effectiveness of debt management with functions to help assess the strengths and weaknesses in the way the organization operates a country's debt management, including: a) the operating and debt strategy, the only objective reviews about the legal environment, the organizational structure of management implementation strategies, debt relief, debt management operations review and audit.

b) coordinating macro-economic policies, mainly fiscal policy and monetary policy.

c) make the debt management services, including mobilization, using loans and repayment; guarantee, lenders and the risk management profession.

d) cash flow forecasting and managing the balance of payments.

DD) manage the types of risks in the operation of the relevant debt management, including monitoring and safety data, assigning duties, capacity.

e) storage and reporting public debt and external debt of the country.

2. Through the system indicators evaluate the effectiveness of debt management, agency management can monitor the progress of the effectiveness in managing public debt over the period.

Chapter III PUBLIC DEBT LIMIT, FOREIGN TRADE LOANS and LOAN GUARANTEES the GOVERNMENT'S OVERSEAS article 9. Public debt limit 1. Public debt limit ceiling rate is the ratio between public debt balances at the time compared to GDP is competent to decide.

2. Structure of the public debt limit, including: a) Government Debt including foreign and domestic debt;

b) Debt of the enterprises, the organizations are government guarantees include both domestic and foreign.

c) Debt of local authorities arising from the issuance of the authorization, issuance of local government bonds, loans from other legal financial sources prescribed by law.

Article 10. Foreign commercial borrowing limit and guarantees loans to foreign trade by the Government annually 1. Foreign commercial borrowing limit and loan guarantees the Government's foreign trade is the ceiling levels of net loan amount (loan amount actually received excluding the original debt) every year.

2. Based on the needs and the possibility of raising capital, the debt limit, the Treasury Department identifies foreign commercial borrowing limit and loan guarantee foreign trade process of approval by the Prime Minister.

Article 11. The Executive term level 1 organizations. Approval of Congress based on the debt limit and the external debt of countries in each period and the Prime Minister's decision to approve the loan limit on foreign trade and the foreign loan guarantee from the Government every year, the loan limit foreign trade according to the method of self-self loan pay The Ministry of finance, in cooperation with the State Bank of Vietnam organizations make, confirm, limit and monitor the limits on debt to make sure the safety norms of the debt has been approved by the authority.

2. Enterprises submit signup foreign borrowing needs for the next year before the deadline to December 31 for the Ministry of Finance (for the proposed loans are guaranteed by the Government) and for the State Bank of Vietnam (for loans without guarantee by the Government).

3. In the period not yet having approved of the Prime Minister about the loan limit foreign trade of the year, the Ministry of finance and the State Bank based on the implementation of the foreign commercial lending practice, identify foreign trade loans are in foreign commercial borrowing limit in the condition of accumulated net foreign trade loans to the time of confirmation does not exceed 50% of the loan limit foreign trade of the previous year.

4. where, due to the needs of the economy should increase the volume of financing to make the debt limit and the country's external debt was beyond Congress decision, the Finance Ministry reported the Government to report to Congress the decision.

Chapter IV SUPERVISION ORGANIZATION PUBLIC DEBT and EXTERNAL DEBT of the COUNTRY article 12. Monitoring object 1. The Agency, which was given the task of raising, loan repayment, in the public sector.

2. Enterprises, credit institutions and other institutions make loans and pay foreign debt according to the method of self-self loan charged under the provisions of the law.

Article 13. The goal of monitoring public debt and external debt of the country 1. Ensure safe debt target, maintain a reasonable debt portfolios in the safe limits on debt, ensure the sustainability of long-term debt, financial security and a national currency.

2. Identify potential risks early for the debt portfolio and the related existence of debt management in correlation with the economic environment in and outside the country.

3. Help the Agency chairing the proposed debt monitoring with Government measures to build, tune the timely debt portfolios as needed to optimize the mobilization of capital, minimize risks and costs to the State budget and the economy.

4. As a basis for planning the policies, objectives, orientation, use of loans and managing the public debt and external debt of the countries in each stage, in accordance with the direction, the economic development policy of the State and society.

5. Help organizations, use the free loan unit to track the process of investment activities, its production business, acknowledging the unusual circumstances to soon have to solve this problem, the developer.

6. enhancing transparency, strengthening the financial management of the backup service.

7. Improve the effectiveness of the work of analysis, financial forecasting, contributing to enhancing the effective management and planning, macroeconomic policy in each period.

Article 14. The principle of monitoring public debt and external debt of the country 1. The monitoring indicators of public debt and external debt of the country was ongoing, regular.

2. Make sure the regulations, instructions must be complied with, the recommendations proposed are timely, specific and feasible.

3. the costs of monitoring, analysis, reviews of public debt and external debt of the country due to the State budget guarantees.

Article 15. Content monitoring activities 1. The system for monitoring targets, limits public debt and external debt of the country as defined in Chapters 2 and 3 of this circular.

2. thematic monitoring (regular, recurring) as for the operation, use, loan repayment, including: a) monitoring, assessment and effective use of the loan allocated state budget for investment projects development of ministries, central agencies, the local.

b) monitor, assess the real situation, effective use of loans and the ability to repay the loan by the Government on foreign loans.

c) monitor, assess the real situation, effective use of loans and repayment ability for programs/projects of enterprises and credit institutions received Government guarantees.

d) monitor, evaluate the reality of raising and repayment of the enterprise, organized by the free method lends itself to pay abroad.

Article 16. The requirement to provide information and reports 1. The Finance Ministry requested the monitoring object reports the implementation, use, loan repayment and debt management and the country's external debt with the following major contents: a) purposes, reporting requirements;

b) the scope and content of the report;

c) outline reporting requirements;

d) deadline reports of monitoring object;

DD) the responsibilities and powers of the monitoring object;

e) other related content.

2. provision of information made under the provisions of Decree 79/2010/ND-CP on public debt management services and circular No. 53/2010/TT-BTC on 27/4/2011 the Ministry of Finance shall guide the form of reports and public information about public debt and external debt of the country.

3. Based on the reports, the information provided by the oversight agency, the object of surveillance research, analysis, reviews the information, relevant documents and draft report of the monitoring results, including recommendations on the handling of problems arising with respect to the authority to decide.

Chapter V RESPONSIBILITIES of the BODIES in the WORK of MONITORING the PUBLIC DEBT and EXTERNAL DEBT of the COUNTRY article 17. The responsibility of the Ministry of finance 1. Presiding over the execution of the macro status monitoring public debt, the safety indicators public debt and external debt of the country and the Prime Minister reports periodically every year before 30/6 years later.

2. Through the monitoring work, implement sustainable assessment analysis public debt and external debt of the countries report the Prime Minister and the authority.

3. Operating the public debt limit, foreign commercial borrowing limit and foreign loan guarantee from the Government, coordinated with the State Bank of Vietnam and the Prime Minister approved the loan limit on foreign trade of the country every year.


4. Coordinate with relevant agencies to conduct inspection, periodic monitoring or irregular situation, use the loan and the repayment of the foreign debt, nation.

Article 18. The responsibility of the Ministry of planning and investment to 1. Host monitoring, assessment of the status and effective use of ODA loans under the rules of the Government.

2. Engage with the Ministry of finance in checking, monitoring of public debt; calculate debt safety norms; the situation, using the loan and the repayment of the foreign debt, nation.

Article 19. The responsibility of the State Bank of Vietnam 1. Host monitoring, assessment of the status of foreign loans of enterprises and credit institutions under the loan itself.

2. Presiding over the construction, operating and endorsed the loan limit of foreign trade enterprises, credit institutions under the loan itself.

3. Participated, in cooperation with the Ministry of finance in checking, monitoring of the country's external debt; the safety standards of the country's external debt; the situation, the use of loans and repayments of foreign countries.

Article 20. The responsibility of ministries, ministerial agencies and other agencies in the Central 1. Make checks, monitoring, assessment and effective use of the loan allocated state budget for programs/projects of the Agency, in its management unit; check, monitoring the situation, the use of loans and repayments of corporations, State enterprises under the jurisdiction of the Ministry of State administration, the Central Agency.

2. Is responsible for coordinating and facilitating compliance, monitoring in the process of examining, monitoring.

3. The report, to provide information and documents timely, full and responsible for the content provided is related to the mobilization, used the loan and repayment and the nation's foreign debt.

Article 21. The responsibility of the provincial people's Committee, the city in Central 1. Chaired periodic monitoring, inspection or irregular situation, use, loan repayment and debt management of local government.

2. Ensure the provision of information, the full data, accurate, timely, properly authorized the Ministry of finance and the Agency, other related monitoring of the situation of debt, debt surveillance targets, mobilize, use the loan and the repayment of the local authorities.

Article 22. Responsibilities of lending institutions back 1. The lending institutions are the Ministry of finance delegation made the lenders do have the responsibility to perform testing, surveillance, situation assessment, effective use of loans and repayments for the program/project lending foreign government loans.

2. Have a responsibility to report and provide information about, use the loan and repaid Loan debts on loans back.

3. In coordination with the Ministry of finance in checking, monitoring of the observance of regulations, the use of loans and loan repayments on loans back to the object to be authoritative.

Article 23. The responsibility of economic institutions, credit institutions that operate using the loan and pay the public debt and external debt of the country.

1. Enterprises, credit institutions that operate using the loan and repay the country's foreign debt and to full compliance with the provisions of the law on public debt management, documents guiding the implementation of the law on public debt management, the relevant text of the loan, the repayment of a foreign organization proactively mobilize , choose the source of the loan has the best conditions, the use of effective and full implementation of the relevant obligations arising from the loan agreement and the guarantee.

2. Subject to the inspection, monitoring and facilitating debt management agencies in understanding information, reviews the current state of corporate debt, credit institutions.

Chapter VI IMPLEMENTATION article 24. Effective enforcement of this circular effect since 1/8/2011.

Article 25. Implementation 1. Ministries, ministerial agencies, government agencies, other agencies in the Central People's Committee, the levels and the Organization, the individual concerned is responsible for the implementation of this circular.

2. During the implementation process, if there are obstacles, suggest the ministries, ministerial agencies, government agencies, other agencies in the Central People's Committee, the levels and the Organization, the individual concerned submitted comments on the Finance Ministry to promptly consider and modify./.