New PM Tells New Minister of Finance to Plug Leaks and End Corruption

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Prime Minister Phankham Viphavanh addresses Ministry of Finance
Prime Minister Phankham Viphavanh addresses the Ministry of Finance.

The prime minister of Laos has urged the country’s new finance minister to put an end to financial leaks, as well as ending corruption within the ministry.

A handover of the ceremony was held on Tuesday at the Ministry of Finance, between outgoing minister Somdy Duangdy and the new Minister of Finance, Mr. Bounchom Ubonpaseuth, attended by Prime Minister Phankham Viphavanh.

According to a report by KPL, Prime Minister Phankham Viphavanh spoke to the new Minister of Finance about closely monitoring the ministry’s financial management.

“The Ministry of Finance is one of the most important ministries because it is responsible for managing the nation’s finances and the state budget. The ministry must move to resolve the long-term problems of the financial sector, including corruption,” said Dr. Phankham Viphavanh.

Handover ceremony between outgoing and incoming ministers of finance
Handover ceremony between outgoing Minister Somdy Duangdy (right) and incoming Minister Bounchom Ubonpaseuth (left).

“The ministry must strengthen financial discipline enforcement, with a focus on monitoring income and budget spending to avoid incurring commitments that would jeopardize our economic and financial stability,” said the Prime Minister.

He said the ministry should support the country’s growth by increasing the utilization of all internal sources of income and establishing a new stable income base to generate additional revenue for the budget.

“The Ministry should concentrate on financial modernization to ensure more effective revenue collection and cost control operations in order to meet the goals 2021 socio-economic plan,” Dr. Phankham Viphavanh added.