Lao Gov’t proposes lowering economic growth target

In Laos (Photo: Internet)

Vientiane (VNA) – The Lao Government has suggested the National Assembly revise down economic growth target this year due to the impacts of COVID-19.

Speaking at the eighth NA’s ninth session that opened on June 24, Lao PM Thongloun Sisoulith proposed lowering gross domestic product (GDP) growth from 6.5 percent to 3.3-3.6 percent, and cutting revenue collection and expenditure targets, from 28,997 billion kip (over 3 billion USD) to 22,725 billion kip and from 35,693 billion kip to 33,043 billion kip, respectively.

With regard to expenditure, the government proposed a 30 percent cut in the administration budget for central level bodies and a 10 percent cut for local bodies. The government also suggested postponing payment of the state investment budget by at least 50 percent of the total investment value.

The PM also believed that the government could meet the GDP growth target of 3.3-3.6 percent.

He also introduced measures which the government plans to put into action over the next six months./.