TITLE

Fiscal Difficulties Curb Development

PUB. DATE
April 2004
SOURCE
Asia Monitor: South East Asia Monitor Volume 1;Apr2004, Vol. 15 Issue 4, p7
SOURCE TYPE
Country Report
DOC. TYPE
Country Report
ABSTRACT
Preliminary analysis of the Lao government's budget performance in the first quarter of fiscal 2003/04 points to continued weakness in relation to both revenue and expenditure targets. A recent report in the state-controlled Vientiane Times cited a cabinet meeting in December in which the prime minister, Bounyang Vorachit, reportedly highlighted' many difficulties' in meeting revenue targets and keeping within budget. The government has said it intends to introduce a value-added tax to compensate for an anticipated loss of revenue resulting from trade liberalization. There is a danger that borrowing to finance the budget deficit will precipitate macroeconomic instability in the form of higher inflation and a depreciation of the local currency, the kip. Inflation has picked up since the end of 2002, primarily because of increased government borrowing from the domestic banking sector to finance its budget deficit.
ACCESSION #
12789985

 

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