Viet Nam gets stimulus loan

The Asian Development Bank is to provide a short-term US$ 500 million stimulus loan to Viet Nam.

The loan from the Countercyclical Support Facility (CSF), approved today, will provide budgetary support for Viet Nam to finance critical public expenditure programmes in 2009 and 2010.

Arjun Thapan, director general of the Asian Development Bank's (ADB) Southeast Asia department said, "The loan will allow the government to meet its financing needs and support economic growth during a challenging period for the global economy."

Viet Nam has announced a set of temporary stimulus measures including investment in infrastructure projects to generate jobs.

The CSF loan has a five year repayment term with a three year grace period.