VIENTIANE, May 19 (Xinhua) -- The Lao Ministry of Finance has reaffirmed its commitment to strengthening public finance management, improving debt management, and promoting sustainable economic development to maintain economic stability.
According to the ministry's report released on Tuesday, senior officials met to review progress in fiscal reforms and measures aimed at improving public finance management.
The officials also reviewed developments in key sectors under the ministry's supervision, including revenue collection, expenditure management, international cooperation, modernization, statistics, and other related areas.
The ministry outlined a series of priorities and measures aimed at strengthening fiscal management. On revenue collection, authorities called for stronger efforts to ensure state revenue meets annual targets by expanding new revenue sources, including land and environmental taxes, accelerating modernization, and promoting wider use of electronic invoicing systems.
Regarding expenditure management, officials emphasized the need to improve approval and budget disbursement procedures through modern systems to enhance transparency, efficiency, and cost-effectiveness.
Relevant sectors were also urged to take greater responsibility for assessing and restructuring public debt while limiting high-interest and inefficient borrowing.
On human resource development, the ministry highlighted the importance of building a capable workforce with strong qualifications and practical expertise.
Officials further underscored the importance of implementing the Politburo's resolution on building an independent and self-reliant economy capable of supporting sustainable development.
The ministry also called on officials at all levels to strengthen political responsibility and actively implement reforms aimed at modernizing public finance management while promoting strong, green, and sustainable socio-economic development. ■