The Lao National Assembly has given its approval to the government's proposed budget and socio-economic development plan for the fiscal year 2008-09 which begins in October.
In announcing the National Assembly's decision, NA President Thongsing Thammavong said that after a deliberation participated by all members who put in their opinions, the deputies unanimously approved all projected macro-economic expectations of the government. But he urged it to do all it can to raise more revenues so that it can successfully implement its development projects and, at the same time, reduce the budget deficit.
Mr. Thongsing said the government should raise its revenues target to 8,500 billion kips or 15% of the projected GDP 0r Gross Domestic Products, instead of 14% or 7,514 billion kips as included in the proposed budget.
The Lao government had proposed a budget of 9,951 billion kips for next year, a 12% increase from the current fiscal year, to cover a planned salary hike for all government employees, intended to help ease the economic hardship caused by rising oil prices.
Listen to Songrit's report for more details in Lao.