Vietnam seeks US$500m IMF loan

Vietnam is seeking an emergency loan from the International Monetary Fund to help pay for a US$1.5 billion (S$2.6 billion) programme to restructure its debt-ridden banking sector. The country is negotiating a US$500 million loan package with the IMF, according to Nghia Le, director of the banking strategy department at the State Bank of Vietnam. It hopes to receive the IMF money in 2001, or early 2002.

"Most of the funds to restructure the banks will be given by our government," said Mr Le, wh