Authorities in Khammouane province are planning to repay debts of over LAK 478 billion from 53 development projects, over the next 10 years.
Vientiane Times reports that the issue was raised at the top of the agenda at Khammouane province’s People’s Council’s third ordinary session. The government also debated how to reorganise financial systems in order to avoid wasting money.
The Director of the Department of Planning and Investment, Mr. Detsakda Manikham, informed about the work plan and investment in the first six months of this year, which aimed for productive investment, debt reduction, and reduction of needless government spending.
In terms of debt repayment, more than LAK 53 billion was paid to the operators of 54 development projects this year. Debts totaling LAK 478 billion remain to be paid off, but it was estimated that the province will be able to clear them within the next ten years.
A significant amount of government money has already been spent on development projects, but they produced little in the way of economic returns, while the construction of some infrastructure and office buildings were also not helpful.
Mr. Detsakda stated that new development projects should be in line with the province’s socio-economic development plan in strict compliance with the law, and he would continue to closely monitor the situation to ensure completion.
Projects that were unsuccessful, delayed, or unproductive should be discontinued.