21.10.11 Vietnam Focus New IMF representative for Vietnam

The International Monetary Fund (IMF) has installed a new country representative to work with the Vietnamese government as it attempts to overcome a series of economic difficulties that have resulted from expansionary monetary and fiscal policies put in place to mitigate the impact of the global financial crisis.

The IMF has worked in Vietnam since 1994, when it approved its first three-year structural adjustment loan for the country, which was then embarking on a programme of economic reforms to make the transition from a planned to a market-based economy. Vietnam joined the IMF in 1956 but then lived through a period of civil war and international isolation that severely limited its contact with international banks and other institutions.

Speaking during a farewell to the IMF's outgoing country representative, Benedict Bingham, Vietnamese President Truong Tan Sang said the assistance of the Fund has helped 'lift Vietnam from a country with shortages to a developing nation with much potential for international cooperation.' He expressed hope that the IMF would continue to work with Vietnam to establish the policies needed to renew growth and continue the ongoing process of economic restructuring.

The new IMF representative for Vietnam, Sanjay Kalra, arrived in Vietnam in October and will use his expertise in Asian finance and monetary policy to help the country overcome its current economic problems.

Prime Minister Nguyen Tan Dung has asked Kalra to support Vietnam's bid to host the 2015 IMF/World Bank annual meeting.

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