Vice President advises finance officials to improve themselves

Vice President Bounnhang Vorachit yesterday gave hints to finance officials about how to collect more revenue and sp end it effectively.

Vice President Bounnhang Vorachit.

Speaking at a mid-year review meeting of the finance sector, which closed yesterday in Vientiane , the former prime minister said finance officials must continue to improve their management of treasury revenue generated through customs, taxes, and government rent.

He also urged officials to maintain the revolutionary ideology by being loyal to the nation and upgrading their skills to ensure sufficient funds for the government administration and its development projects.

Mr Bounnhang said finance officials must be aware of government debt and also inspect government investment projects before delivering money to project contractors.

Anoth er responsibility is to amend regulations to allow the government to develop state assets into investor-funded money making ventures in which the government holds shares.

“We have initiated the policy but we still need to take measures to put the policy into practice,” he said.

“We still need participation from the sectors concerned.”

He explained the development of this government policy would create more sources of income for the country.

Mr Bounnhang advised finance officials to recommend improvements to the law if they saw opportunities to facilitate a market-oriented economy with a focus on development of real estate and financial markets. Some state companies could be privatised and the stock market developed, he said.

Mr Bounnhang also emphasised the importance of fund management for state investment and urged finance officials to continue financial support for allocated government projects.

He said before granting money to any project, finance officials must be aware of any other funding the project was receiving. This will prevent project managers from asking the government to pay for things that are already being funded by other organisations.

If projects are entirely funded by foreign financial assistance they may not require extra money from the government. For projects which involve several sectors, the ministry must cooperate with the government secretariat and Ministry of Planning and Investment to allocate project funds, Mr Bounnhang said.

When granting funding, finance officials should focus on development projects, rather than projects that are more suited to business operators.

By Ekaphone Phouthonesy
(Latest Update May 01, 2008)