ADB Boosts Fiscal Stance of Philippines, Vietnam

The Asian Development Bank approved a $250 million loan to help improve fiscal management and the business climate in the Philippines,

reports. The credit will also be used to bolster public financial management, combat corruption, reduce transaction costs of doing business, and enhance social safety net programs in the Southeast Asian nation. The

is also offering some $500 million in fiscal stimulus loan to Vietnam. The sum will provide budget support to Vietnam to finance public expenditure programs in 2009 and 2010.