Lao PDR Self-Assessment to Strengthen Public Financial Management Reforms

Stocks and Financial Services Press Releases Thursday September 28, 2017 08:16
VIENTIANE--28 Sep--World Bank
VIENTIANE, September 27, 2017 – Lao PDR's Ministry of Finance launched today a review of its expenditure, as part of its continued reforms towards more efficient use of public resources.

Aligned with the government's Public Finance Development Strategy to 2025 and Vision to 2030, the Public Expenditure and Financial Accountability Self-Assessment, known as PEFA, will provide comprehensive guidance, including on how to improve budget reliability, transparency of public finances, and management of assets and liabilities.

"We are pleased to initiate the PEFA review for Lao PDR. The report resulting from this assessment will highlight priority areas of the 2025 Lao Public Finance Development Strategy for the coming years. The Self-Assessment process is a key step in the reform of the Lao Public Financial Management sector," said Deputy Prime Minister, Minister of Finance, H.E. Somdy Douangdy.

The PEFA, applied by more than 100 countries, assists governments to improve their public financial management by identifying criteria for an efficient management system.

"By allocating resources into programs where they are most needed and managing those resources well, better spending can help Lao PDR make progress towards its development goals," said Jean-Christophe Carret, World Bank Country Manager for Lao PDR. "The World Bank fully supports Lao PDR in its journey towards more inclusive growth."

The findings in the PEFA Report for Lao PDR are also expected to advance the government's efforts to prepare policy-based fiscal strategy and budgeting, and to improve predictability and control in budget execution, accounting, and reporting. The PEFA assessment is expected to provide valuable input for a successful implementation of this strategy.

"The PEFA self-assessment is very timely and we commend the Government's decision to undertake it this year," said H.E. Mr. Leon Faber, Ambassador of the European Union Delegation to Lao PDR. "We firmly support the use of this tool for public finance reform and as an important milestone in our cooperation with the Government in this field."

The PEFA Self-Assessment is part of the World Bank Public Finance Management Modernization Program financed by the European Union. The program aims to strengthen the management of public finances through the provision of technical, analytical and advisory inputs.

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