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Lao gov't sets state budget targets

Xinhua, December 19, 2016 Adjust font size:

The Lao government has set its budget revenue collection targets for next year, declaring a variety of policy expenditures for the coming financial term, Lao Deputy Prime Minister Somdy Duangdy said on Monday.

Accordingly, the government will try to collect a budget revenue of about 23.9 trillion Lao kip (over 2.9 billion U.S. dollars) or 18.46 percent of GDP, while the deficit is expected to reach 8.4 trillion Lao kip (nearly 1.03 billion U.S. dollars) or 6.52 percent of GDP, Somdy, who is also the finance minister, said at the annual state budget implementation meeting.

About 21.4 trillion Lao kip (over 2.62 billion U.S. dollars) of the total state budget or 16.55 percent of GDP is from domestic income, Somdy was quoted by state-run Vientiane Times as saying.

The government targets a 7-percent economic growth next year or almost 129.7 trillion Lao kip (over 15.88 billion U.S. dollars) with 1,850 U.S. dollars of GDP per capita.

During this year, the government was able to collect a budget income of about 95.17 percent of the annual plan, of which domestic income reached 94.56 percent and expenditure 96.82 percent, Somdy said, explaining that budget revenue collection could not reach the target plan due to the financial crisis from overseas and world market issues which caused the price of ores to drop.

"However, the Ministry of Finance tried to find solution measures and pave the way for the budget plan in order to guarantee the government's implementation of state projects and plans," said the minister.

"We still see many works that should improve and be resolved in regards to financial issues and the state budget in Laos in order to facilitate the new era of development," he added. Endit