PM orders halt to nonessential infrastructure investments

Prime Minister Nguyen Tan Dung has instructed provinces and cities to actively adjust investments for infrastructure development from now until the end of 2008.

In a recent circular, the government leader asked localities to halt mobilising investment capital from loans provided by commercial banks and bond issuance.

The provinces and cities were also advised to stop allocating investments from the budget for new and nonessential projects.

The government has placed top priority on containing inflation through a series of drastic measures that focus on tightening financial and monetary policy, reducing public spending and removing hindrances to production.

Intensifying market and price management, and fighting speculation and smuggling are also important tasks for the country in its efforts to rein in inflation. (VNA)