Laos govt reveals debt payment plan; determined to pay off US$14bil owing over the next five years
Revenue earned from potential mining operations, revamped state enterprises and from other as yet untapped sources will be used to pay debts amounting to almost US$14 billion, the government has told the National Assembly (NA).
Foreign debt has accumulated to about US$13 billion and domestic debt now stands at US$900 million. Money has been borrowed to balance the budget, Minister of Finance Bounchom Ubonpaseuth told an extraordinary session of the NA’s ninth legislature recently.
It is planned that debts will be repaid over the next five years from 2021-2025 and then from 2026-2030, with several income streams identified to generate the necessary funds.
The government will strive to boost revenue from new sources and explore untapped potential sources of revenue, especially in the mining and energy sector.