Vientiane: Lao Prime Minister Sonexay Siphandone has called for a major overhaul of the country’s audit and inspection systems to address long-standing financial discrepancies.
According to Lao News Agency, speaking at the 10th National Assembly on March 26, Prime Minister Sonexay highlighted concerns over ‘accumulated’ figures in state accounts that lack corresponding real assets, warning that some are unlikely to be recovered. He emphasized the need for authorities to determine which assets can be recovered and which should be written off, advocating for swift action to align financial records with economic reality.
The Prime Minister also pointed out the inefficiencies caused by overlapping roles between Party and State inspection bodies, urging for clearer responsibilities and better coordination across institutions. To modernize the sector, he proposed strengthening professional training, involving private sector expertise, and expanding digital systems, including electronic payments, to enhance transparency.
Additionally, Prime Minister Sonexay stressed the importance of stronger enforcement of laws and greater accountability among Party leaders to ensure that inspection findings are properly implemented. These proposals are part of broader efforts to improve financial governance and administrative efficiency in Laos.