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PM predicts 8.5 percent economic growth this year
Laos will achieve higher than expected economic growth this fiscal year, Prime Minister Thongsing Thammavong announced on April 20.
“According to a report on the implementation of the national socio-economic development plan over the past six months, we will be able to achieve greater national economic growth than earlier expected this fiscal year,” he said.
Mr. Thongsing was speaking at the opening ceremony of a joint meeting of the Ministry of Planning and Investment and the Ministry of Finance at Lao ITECC in Vientiane.
The meeting is reviewing implementation of the national socio-economic development plan over the first two quarters of this financial year and will set directions for implementation of the annual national development plan over the next six months.
The meeting, which runs until today, will also discuss development of the 2011-12 national socio-economic development plan, which will be put into practice in October. More than 100 planning and finance officials are attending the meeting
Mr. Thongsing said implementation of the national development plan over the first half of the fiscal year had created a solid foundation for Laos to achieve GDP growth of 8.5 percent in 2010-11, higher than earlier forecasts of 8 percent.
He also said the government was able to collect more than half of the annual planned revenue target over the past six months, while state expenditure over the same period was less than half of the annual plan.
The value of the nation's exports reached 62 percent of the annual plan over the first two quarters of the fiscal year, while imports were recorded at 55 percent of the year's target. The value of foreign and domestic investments reached 84 percent of the annual plan.
He said Laos saw good progress in implementation of plans to achieve the United Nations Millennium Development Goals (MDGs), particularly in the areas of education and health, adding that this has created a strong foundation for the country to achieve all of its MDGs by 2015.
Mr. Thongsing urged government officials to pay close attention to effectively implementing the 2010-11 socio-economic development plan over the remainder of the year, with a particular emphasis on preparations to harvest irrigated rice and wet season rice cultivation.
He said officials should mobilise funds to improve and expand irrigation systems to secure water supply to rice cultivation areas. He also urged officials to introduce concrete measures to attract domestic and foreign investment and to mobilise foreign aid assistance.
He advised the Ministry of Finance to continue to improve working structures in the three decentralised sectors of customs, taxation and treasury to enable the government to collect and spend revenue in accordance with plans.
The ministry should also create legislation for the capitalisation of assets, to enable state agencies to mobilise funding for development initiatives.
Mr. Thongsing said the relevant sectors should ensure the national budget was used effectively, in particular to boost commercial goods production, improve living conditions, and build infrastructure.
They should also secure salary payments for government officials, and administration budgets and funding for government projects.
vientian times
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