Vietnam Poverty Reduction Support Credit 9

The Country Partnership Strategy (CPS) submitted to the Board in January 2007 concluded that the SEDP of the government incorporated the necessary poverty reduction principles, was broadly sound and was a plan that could both deliver growth and reduce poverty. The CPS defines the PRSC as one of the modalities to support the implementation of SEDP. The Program Document for PRSC 6 charts the second cycle of PRSC operations (PRSCs 6-10). The CPS allocates US$ 150 million to each of the PRSCs in this cycle. In practice, however, the amount for PRSC 6 was increased to US$ 175 million. PRSC 7 was presented to the Board in June 2008 for the amount of US$150 million. PRSC 8 was approved in 2009 for US$ 350 million under the Fast Track Facility. The increased amount was in response to the government#s request to support the fiscal stimulus package to combat adverse effects of the global financial crisis.