Deputy Prime Minister and Minister of Finance Somdy Douangdy has called on the Party Committee of the Ministry of Finance to identify the real causes of the failure to reach revenue collection targets.
Addressing the 3rd Plenary Session of the Party Committee of the Ministry of Finance in Vientiane yesterday, Mr. Somdy pointed out that the implementation of the budgetary plan in the current fiscal year has been facing difficulties as the amount of revenue collected over the past three months was lower than set targets.
“It reminds us that we have to encounter a larger deficit than the figure approved by the National Assembly, thus it is a big challenge for the ministry to cope with in the future,” he said.
“Therefore, at this meeting we need to discuss and brainstorm ideas seriously and identify causes of shortfalls in revenue collection. Did the revenue shortfall result from the fact that some officials fail to follow laws or is it due to slumps in the prices of goods?” asked the minister.
Therefore the objective of this meeting is to discuss correction measures to be implemented over the months to come, he added.