On Jun 19, Minister of Finance Santiphab Phomvihane received Ambassador of the Republic of Korea to Laos Mr Jung Yung Soo to discuss cooperation between Laos and the Republic of Korea.
Laos and R. Korea established diplomatic ties on October 25, 1995. Since then the two countries have enjoyed sound cooperation on economy, trade, and investment.
Since 2005, the Economic Development Cooperation Fund (EDCF) under the administration of the Korean Export-Import Bank (KEXIM) and the supervision of the Ministry of Economy and Finance of Korea has provided low-interest loans to the Lao PDR for 18 projects. Among them, nine projects have been completed, and another nine are being implemented.
Currently, the Lao PDR is implementing a cooperation framework 2020-2023 it signed with the Cooperation Fund for Economic Development in September, 2019.
The framework has a total value of approximately 500 million US dollars for 14 projects. However, only one supplement loan agreement for the Mekong Embankment Project in Champassak Province (LAO-18 Supplementary Loan) has been successfully negotiated and signed by the Deputy Minister of Finance.
No progress in other projects has been confirmed. These include the Lao Tax Revenue Management Information System (TaxRIS) Project Phase 2, the National Agricultural Water Management Centre Construction Project, and the Savannakhet Mekong Embankment Project.
Minister of Finance Santiphab Phoumvihane expressed thanks to the Republic of Korea government for its support and assistance to the Lao PDR and called on R. Korea to continue to provide funding for all projects stated in the cooperation framework, especially the TaxRIS Phase 2, which is designed to increase the efficiency of tax revenue management in the Lao PDR.
Source: Lao News Agency
