Southeast Asia Information Port News (www.dnyxxg.com) – The Lao Ministry of Finance is continuously increasing its efforts to thoroughly implement the Party's "Three Constructions" policy in the financial sector. The core objective is to promote national economic self-reliance and strengthen the country's economy, comprehensively improve the fiscal management level of governments at all levels from the central to local, and solidify the foundation for national economic development.
To ensure the effective implementation of the "Three Constructions" policy in the financial sector, on January 20th, the General Office and the Department of Fiscal and Economic Policy of the Lao Ministry of Finance jointly held a special meeting to discuss the specific implementation paths of the "Three Constructions" policy and to review key fiscal policies.
The meeting was co-chaired by Somki Khammunghun, Director of the General Office of the Ministry of Finance, and Sitthiro Raspon, Director of the Department of Fiscal and Economic Policy. Deputy directors and relevant technical officials from both departments attended the meeting to participate in discussions and promote various work deployments.
The meeting focused on establishing and improving a collaborative mechanism, clarifying the need to promote a unified and comprehensive understanding of the core principles of the "Three Constructions" directive among central government departments, provincial and Vientiane municipal finance departments, and district and municipal finance departments. According to the directive, Laos has clearly defined provinces as strategic units, districts as comprehensive strengthening units, and villages as development units, precisely aligning with the government's overall goal of building a self-reliant economy.
The meeting reached several consensuses, including identifying pilot provinces to promote the "three-pronged approach" (construction, upgrading, and reform) measures within the fiscal system; developing specific evaluation indicators; establishing a summary reporting framework; and clarifying the coordination mechanism and division of responsibilities between central and local finance departments, providing institutional guarantees for the implementation of the "three-pronged approach."
Furthermore, participants reviewed the impact assessment of fiscal policies, special economic zone policies, and related measures, aiming to further optimize fiscal and economic management. They also discussed work evaluation standards and key performance indicators in areas such as planning and statistics, revenue and expenditure management, fiscal and economic legislation, digital construction, organizational affairs, inspection and evaluation, and procurement. The meeting also discussed the management of SME fund expenditures, demonstrating the Ministry of Finance's determination to strengthen fiscal governance and support national commercial development.
It is understood that the "three-pronged approach," as a core strategic measure of the Lao government, remains a crucial cornerstone for promoting national economic self-reliance by strengthening the capacity building and financial management of institutions at all levels. This meeting clarified the direction and refined the tasks for subsequent work.
