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Politburo praises work of finance ministry, calls for higher goals

Politburo member and Standing member of the Party Central Committee Secretariat and Vice President Mr Phankham Viphavanh has urged top officials in the Ministry of Finance to replicate their numerous achievements in recent years while also instructing the ministry to place a greater focus on the management of public finance.
Addressing the ministry’s Third Party Congress on Friday, he praised the ministry’s achievements in many areas of finance over the past five years.
At the same time, he urged the ministry to address bureaucracy and corrupt behaviour, and to restore people’s trust in and loyalty to the finance sector over the next five years from 2021-25.
“Despite the achievements it [the finance ministry] has attained, there are several unsolved or partially solved issues which are frequently commented on by members of the public concerning undesirable issues in the field of finance,” he said.
These must be addressed in order to restore people’s trust in Party leaders working in the finance sector, he stressed.
Key issues to be addressed in the years to come centre on priorities such as recovery from the economic and financial crisis, the management of income and expenditure, and reducing the budget deficit as well as overall total public debt.
The vice president also urged the ministry’s leaders as well as the ministry’s newly elected Party members to be decisive when addressing matters of importance, saying they should have a clear understanding of government and Party policies with regard to the economy and finance, as well as the country’s laws.
“Those who have ideas about what they can do for the country after being elected are to be praised, but those who have ideas about how they can benefit themselves or their groups are dangerous,” he said.
Mr Phankham also called for solidarity amongst Party members. He instructed them to contribute their knowledge and pure hearts for the benefit of the nation.
He said he was confident that the newly-elected Party members would continue to achieve even greater successes by following the Party’s directives and resolutions and translating them into productive and impressive results.
The finance ministry’s Third Party Congress took place on Thursday and Friday. It was presided over by a member of the Party Central Committee, Mr Somdy Duangdy, who is also Deputy Prime Minister and Minister of Finance.
Also in attendance were 191 Party members and former ministry leaders.
The ministry’s Party Committee meeting elected 17 Party members from 20 candidates, with Deputy Minister of Finance Mr Bounchom Ubonpaseuth elected as secretary and Deputy Minister Dr Bounleua Sinxayvoravong elected as deputy secretary.
Dr Phouthanouphet Xaysombat was elected to the post of the ministry’s Party Committee inspector, while Mr Soubanh Souphida and Mr Vilaphay Ubonpaseuth were elected as deputy inspectors.
After announcing the newly-elected Party Committee members, Mr Bounchom made a commitment to rigorously and diligently encourage members to take responsibility for future achievements in their given tasks. “We are planning the development and modernisation of the finance sector by applying advanced technology and innovations so we can reach new heights under Party guidance in the next five years,” he said.


By Times Reporters
(Latest Update
November 23,

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