Lao PM, policymakers look to lift proceeds in face of fiscal deficit

GMT 17:07 2015 Thursday ,23 April

Arab Today, arab today Lao PM, policymakers look to lift proceeds in face of fiscal deficit

Lao PM Thongsing Thammavong
Vientiane - XINHUA

Laos must boost revenue collection to cover public expenditure, repay debts and foster socio-economic development, the country's prime minister has said.

Prime Minister Thongsing Thammavong made the remarks in an opening address to a three-day session attended by cabinet members, mayor of the capital, provincial governors and other senior representatives, state-run media Vientiane Times reported Thursday.

Thongsing said if not addressed, fiscal imbalances would lead to chronic debt, degrading the nation's capacity to implement policy to foster economic growth and social development. "Finance, budget and revenue cannot balance with expenditure and necessary works, particularly the spending on salary and supporting allowances,"Thongsing was quoted as saying.

Meanwhile, measures to address social issues including drug and substance abuse, illegal trading and profiteering, gangsterism and the proliferation of road accidents remained to require attention, said Tongsing.

Progress on socio-economic development, budget and currency plans is on the agenda as the nation approaches the midway point in its fiscal year.

Draft amendments to the nations'constitution, for which public comment has been sought, are also set to be discussed at the meeting that concludes Friday.

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