VIENTIANE: Laos' Ministry of Finance is actively working towards building an independent and self-reliant economy, with a strong focus on optimising revenue, controlling expenditure, and improving financial management.
According to a report from the ministry on Wednesday (July 23), the ministry has outlined several initiatives to strengthen the economy, including developing legislation, improving state budget management, enhancing oversight of state-owned enterprises, resolving public debt, and modernizing financial systems.
The ministry plans to expand tax sources, including construction, environmental, and carbon credit, while modernising revenue collection to reduce leakage.
It also prioritises repaying both domestic and foreign debts, increasing national reserves, and investing in key sectors such as education, healthcare, and infrastructure. There will be a strong focus on reducing reliance on foreign loans and ensuring efficient use of public funds.
Additionally, efforts to improve the management of state-owned enterprises, resolve public debt, and digitize financial systems will allow for more accurate tracking of state revenues and expenditures.
These goals are set to be achieved by 2026, with some initiatives continuing into 2030. - Xinhua
