Government
Budget
PM vows zero tolerance of financial misconduct
Prime Minister Thongloun Sisoulith told the National Assembly this week that the ongoing violations of financial regulations by various state departments must be addressed and those found guilty punished. The premier was responding to questions raised by members of parliament concerning possible solutions to the ...
Public debt near red line: NA deputies
The second session of the National Assembly on November 1 continued with debates on a five year financial plan, targets and orientation for the mobilisation and use of public investment loans as well as public debt management during 2016-2020. Finance Minister Đinh Tiến Dũng presented a ...
Govt seeks to increase bank deposits to 84 percent of GDP
The government has announced its intention to increase deposits in commercial banks to 84 percent of Gross Domestic Product by 2020, up from the 57 percent expected in 2016, in a bid to meet growing development needs. Governor of the Bank of the Lao PDR, Mr. ...
Cabinet approves budget worth B17.5bn for Village Funds
The cabinet on October 25 approved a 17.5-billion-baht budget for 74,655 Village Funds across the country at 250,000 baht each for local development. The move is a fresh bid to boost the rural economy, prevent people from borrowing from loan sharks and maintain the country’s ...
Parliament calls for full revenue collection
National Assembly members have called for the government to do more to seek new revenue sources and fully collect revenue following last fiscal year’s revenue shortfall despite there being numerous income generating sources. Members of parliament put forward the requirement when debating the government’s proposal to ...
Public debt ceiling to remain at 65%
The government will not lift the public debt ceiling but will tighten its financial discipline to develop enterprises and further attract social investment to create the resources needed for reform and socioeconomic development. Lifting the ceiling would affect the country’s loan repayment capacity, Deputy Prime Minister ...
Govt asks parliament to lower growth targets
On October 24, the government asked the National Assembly to lower economic growth targets over the next four years after encountering difficulties that resulted in failure to meet the target set for last fiscal year. Prime Minister Thongloun Sisoulith presented the proposal at the second ordinary ...
NA to hold first ordinary session next week
The national socio-economic development plan, state budget, monetary policy, audit results, the work of prosecutors and judges and legislation approval will all be on the agenda of the upcoming first ordinary session of the National Assembly’s ‘s Eighth Legislature. Head of the NA Secretariat Ms Suansavanh ...
Revenue shortfall drives budget deficit abnormally high
Revenue collection for this fiscal year reached only 95 percent of the annual plan, driving the budget deficit to 6.9 percent of gross domestic product, higher than the maximum of five percent usually adopted by the government. Economists have warned that such high deficits will increase ...
Foreign ministry formalizes public service fees
The Ministry of Foreign Affairs has opened a new public services office and formalized fees for a broad group of services often used by foreigners as part of a wider government push to collect revenue and boost efficiency. Foreign Affairs Minister Prak Sokhon issued a statement ...
