VN, Laos discuss budget, public debt management decentralisation
The Vietnamese National Assembly (NA)’s Finance and Budget Committee and the Planning, Finance and Audit Committee of the Lao NA jointly held a conference to discuss decentralisation of state budget and public debt management on June 27 in the central province of Quang Nam.
Vietnam, Laos discuss budget, public debt management decentralisation (Photo: VNA)
Quang Nam (VNA) – The Vietnamese National Assembly(NA)’s Finance and Budget Committee and the Planning, Finance and AuditCommittee of the Lao NA jointly held a conference to discuss decentralisationof state budget and public debt management on June 27 in the central provinceof Quang Nam.
Speaking at the event, head of the Lao committee VilayvongBudakham said Laos wants to share experience in this work in order to implementpolicies and mechanisms suitable to the country’s situation.
A representative from the committee made several proposalsrelated to the responsibility of the provincial People’s Councils insupervising the province’s budget and the use and management of budgetcollections that are beyond expectations.
Regarding public debt management, a representative from theLao Finance Ministry shared that the country’s public debts, mainly foreignones, are on the rise.
The official proposed improving the Law on State Budget anda strategy on state financial development by 2025 with a vision to 2030.
Meanwhile, a representative from the Vietnamese committeesaid that it is important to create a legal framework on state budgetmanagement based on the principle of democratic centralism, especially forstates that are ruled by a single party.
A representative from the Vietnamese Finance Ministry toldparticipants on issues related to the country’s public debts and measures tomanage them.
The official stressed the need to implement public debtmanagement policies in line with public investment policies, and monetary andfiscal policies in accordance with each country’s economic growth model while controllingthe debt limit and increasing the transparency of information on macro economyand fiscal and monetary issues to assess safe public debt levels correctly.-VNA
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Vietnam, Laos discuss budget, public debt management decentralisation (Photo: VNA)
