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 PM instructs finance ministry to be more diligent

Prime Minister Thongsing Thammavong has asked the Ministry of Finance to step up efforts to address issues currently undermining revenue collection, so that the country's coffers are replenished.

The premier delivered the advice on Tuesday when speaking at a three-day nationwide ministry meeting, which ends today.

He asked the ministry to continue to improve and streamline its organisational structure alongside the modernisation of the financial sector. This would ensure its performance was more effective and transparent, as is required to meet the growing demands of development.

Mr Thongsing advised the ministry to pay greater attention to human resource development to ensure that finance officials are ethical and moral, as well as having sufficient professional knowledge.

The prime minister stressed the need for the Party Committee and leading officials of the ministry to educate finance officials in political ideology so they are better equipped to raise their political and professional responsibility and address areas of weakness.

He asked the ministry to formulate the laws and regulations necessary to properly manage the financial sector and to draw up a strategy and vision for its future development.

Referrin g to the modernisation process, Mr Thongsing said finance officials should make more use of modern equipment and technology in their work.

Meeting participants were also asked to improve coordination between the ministry and local authorities to strengthen work performance within the sector.

In addition, Mr Thongsing advised the ministry to pay particular attention to drawing up the five-year budget for 2016-2020. He also stressed the need to seek solutions to shor tcomings that had occurred in the past year and had yet to be addressed.

To ensure the most effective use of the budget and to ease financial tensions, the prime minister suggested the ministry improve the way it formulates the budget and ensure it is based on actual financial capability so that funding is availa ble for prioritised projects.

The prime minister's insistence on greater diligence within the financial sector comes as Laos suffers budgetary tensions which resulted in the government cutting the spending and revenue collection targets set for the last financial year, which ended in September.

In July, the National Assembly passed an amended budget, proposed by the government, which cut the domestic revenue collection target from the original 20,186 billion kip to 19,229 billion kip.

The amendment also slashed government spending by 659 billion kip, of which 250 billion kip was cut from the investment spending plan, while 409 billion kip was cut from the administration spending plan.

According to a report from the finance ministry, domestic revenue collection last financial year failed to meet the target set in the amended plan, bringing in only 18,346 billion kip or 95 percent of the amended plan.

 

 

By Times Reporters
(Latest Update
October 30,
2014)


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