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Laos Finance Ministry Satisfied with Economic Growth in the First Half
Source: kplnet.net
Source Date: Monday, April 12, 2010
Focus: Knowledge Management in Government
Country: Lao People's Democratic Republic
Created: Apr 19, 2010

(KPL) The Ministry of Finance has said that the economic growth in the first six months this year was relatively good while revenue collection reached over five trillion kip or 48.8 per cent of the revenue collection target.

The revenue collected to the national coffer in the first six months amounted to 3.8 trillion kip sourced locally and 1.35 trillion kip as foreign grants.

In the first half of the year, the national budget expenditure for 2009-2010 period is implemented by over 55 per cent, according to Deputy Minister of Finance, Ms. Viengthong Siphandone.

Ms. Viengthong said that the revenue collection in Vientiane reached 4.3 trillion kip and 774 billion kip were collected in the provinces. She pointed out that the mobilisation of foreign assistance was achieved by 53.3 per cent of the government’s target.

Although the revenue collection in the first six months does not meet the target, it is still 11.9 per cent higher than last year’s corresponding period, and the government has managed to keep the budget expenditure to the set rate as planned.

In the first two quarters, the implementation of the domestic and foreign investment promotion plan achieved 46.2 per cent of the target.

To ensure the revenue collection, Ms. Viengthong suggests, it is necessary to improve budget inspection and the implementation of legal instruments and law on finance, promote the participation of the public in exploiting potential revenue sources, make more efforts in mobilising fund and create favourable condition for domestic and foreign investment.
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