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Laos: Draft Budgetary Plan for Next Five Years Discussed
Source: kplnet.net
Source Date: Friday, May 21, 2010
Country: Lao People's Democratic Republic
Created: May 31, 2010

(KPL) More than 170 financial officials from six northern provinces have gathered in Park-lai district, Sayaboury province, to discuss a new draft budgetary plan for the 2011-2015 period and an annual budget plan for 2010-2011.The seminar held early last week have also discussed on the budgetary division between central authorities and provinces.

A two-day meeting drew Mr. Khamsouk Thor, Sayaboury Deputy Governor, Mme. Viengthong Siphandone, Vice-Minister of Finance, high-ranking officials from theFinance Department and provincial services from six northern provinces of Phongsaly, Luang Namtha, Bokeo, Oudomsay, Luang Prabang and Sayaboury. The seminar has passed a draft budget plan for 2010-2011 and a draft budget plan for the next five years and even the budgetary division between central and provincial authorities.

The implementation of the budget plan for the past five years 2006-2010 was briefed at the meeting. The state revenue collection from 2006 to 2010 were also summarised at the meeting as follows: in 2006 the state revenue collection reached 5,107 billion kip, exceeding the target by about 10.17 per cent, in 2007 at 6,134 billion kip, above the target by about 10.90 per cent, in 2008 at 7,312 billion kip, above the target by about 10.18 percent, in 2009 at 8,365 billion kip, exceeding the target by 0.29%, and in 2010, the state revenue collection amounted to 10,666 billion kip, over the target by 0,12 %.

For the next five-year plan of socio-economic development, efforts will be made to strive for the GDP growth by 8 per cent and the control of inflation under one digit annually. The budget revenue in the next five years is estimated to 18-19% of the GDP growth each year, an average growth of 0.20 and 0.25% of the GDP.
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