Finance Ministry speeds up addressing budget leakage

The Ministry of Finance is contemplating on mechanisms and measures to address the leakage of state budget which is of great concern to people’s representatives and the general public.

“Many problems in the financial sector, especially those on the leakage of the state budget, are of great concern that members of the National Assembly and the whole society are keen to see resolved with concrete and strict solutions,” Minister of Finance Mr. Bounchoum Oubonpaseuth told the ongoing 3rd Ordinary Session of the National Assembly on Jun 14.

Budget leakage remains prevalent although relevant authorities have exerted great efforts to prevent it using several measures. Only few cases have been resolved so far.

“The Ministry of Finance is currently looking into the root cause of the leakage so that immediate measures can be taken,” he told the NA meeting.

He assured the lawmakers that his ministry will modernise revenue collection especially through promoting the use of digital technology over manpower in the tax declaration process.

Source: Lao News Agency