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Cutting Off Japanese ODA
Cutting Off Japanese ODA
To make recovery for economy and infrastructure, Japan has to decrease official development assistance (ODA) for other countries.
Ho Chi Minh,
Ho Chi Minh,
Vietnam
(prbd.net)
25/04/2011
To make recovery for economy and infrastructure, Japan has to decrease official development assistance (ODA) for other countries.
Due to the effect of earthquake and tsunami, Japan has faced with serious problem of both material and human. Although the country has received aid from all over the world, Japan needs more to recover injury by the disaster.
On April 22nd , the Japanese government passed the first supplementary budget about 4,000 billion yen (49.04 billion U.S. dollars) for reconstruction after the earthquake, tsunami on March 11st. Kyodo news said that Naoto Kan the Prime Minister would submit this budget to parliament on April 28th and the vote would start on May 2nd . This budget package is poured for reconstruction projects, including restoring roads, ports, building shelter for the victims and clearing the rubble up to 25 million tons. The government will spend 559 billion yen in the reconstruction of this package to support families and small businesses in the disaster area
The government has decided to cut about 50.1 billion yen (611.27 million) ODA in the fiscal year of 2011. Thus, the ODA will decrease from 572.7 billion yen 522.6 billion yen. However, this decrease is not as much as 10% of the first plan. Moreover, it is claimed to happen in 2011 only.
According Mr. Takeaki Matsumoto, Japanese Foreign Minister: “We will ensure that the cut do not directly influence the activities of foreign aid and international commitments in support of Japan's disbursement. He added “Tokyo will mainly reduce the loans in yen and contribution to the Multilateral Fund, aiming at minimizing adverse effects which may occur over the activities of Japanese aid”.
ODA of Japan includes grants, technical cooperation and low-interest loans for developing countries, as well as contributions to international organizations.
For many years, Japanese has been a major partner with Vietnam for ODA. After disaster on March 11st in Fukushima province, the people of Vietnam have been sending a great deal of donation to support Japanese people.
The decrease of ODA can cost Vietnam some problems. But the country should be face with this hard fiscal year.
For more information please contact VIPC Capital Management or email ngan.nguyen@vietparnetsplus.com
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