The HCM City People's Committee says it is taking drastic measures to speed up disbursement of public funds. — VNA/VNS Photo

HCM CITY — HCM City targets achieving a 95 per cent or higher rate for disbursement of public spending this year.

It has budgeted for expenditure of more than VNĐ35.7 trillion (US$1.54 billion) on nearly 3,500 projects, and achieved 13.1 per cent of it as of the end of April.

Various traffic infrastructure works have begun but been delayed due to the low funds disbursement, according to the Management Board for Traffic Works Construction and Investment.

To speed up public spending, the city plans to take drastic measures in the form of amending procedures to manage and disburse funds.

It will also address other problems, especially land acquisition, one of the biggest, that delay disbursement.

The People's Committee also assigned the State Treasury to release funds within four working days for all projects, closely co-ordinating with agencies overseeing the works to handle problems.

Lê Thị Huỳnh Mai, director of the city Department of Planning and Investment, said besides focusing on paying compensation and helping resettle people who have to relocate, the city would also step up oversight to ensure efficient use of resources.

Source: VNS.