Laos improves expenditure plan for addressing economic crisis

(KPL) The Lao Government has amended its expenditure plan to boost the economic development by building the fundamental infrastructure for long term economic growth and mobilized strongly the resources from foreign countries for balancing its budget.
Ms. Viengthong Siphandone, Deputy Minister of Finance pointed at the enlarged meeting to address the world economic crisis held in Vientiane on 26 June that the government has a number of mechanisms to collect revenue by building and amending some legal documents in order to meet with situation in each period. She added that the government has offered some fund resource to promote the business units and ensure to the provision of fund for domestic demand and to replace from the import.
She mentioned that Laos has faced with economic crisis since the end of 2008 and it is now still spreading widely which caused the decrease of foreign investment and some of ongoing projects lacked of financial support and can not
continuously implementing.
The said enlarged meeting was jointly organized at the Lao Plaza hotel between ministry of finance and the World Bank. It was attended by diplomatic corps, representatives from financial institutions and senior officials from Laos.