20220728-IMF-Lao_People_s_Democratic_Republic_Technical_Assistance_Report_on_Government_Finance_Statistics_Mission_October_4-29,_2021_21页_803kb

Laos People’s Democratic Republic Government Finance Statistics Technical Assistance Report Summary

1. Mission Outcome and Priorities

• A virtual technical assistance mission conducted by IMF in October 2021 focused on improving the compilation and dissemination of Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) in line with international standards.

Key Achievements:

• Quarterly and annual GFS for FY2017-FY2021 Q1 were revised using expenditure details.
• Quarterly GFS for the Social Security Fund (SSF) were compiled and shared.
• EFDMD (External Finance and Debt Management Department) committed to compiling quarterly PSDS starting in 2022.

Priority Recommendations:

• Continue compiling quarterly/annual GFS for the consolidated central government by including the SSF.
• Compile and disseminate annual GFS for the central government by consolidating budgetary and extrabudgetary institutions.
• Compile and disseminate quarterly PSDS.
• Enhance data accuracy and timeliness through better coordination and data reconciliation.

2. Detailed Improvements

• Fiscal Data Accuracy:

  • Improve data classification for revenues and expenditures.
  • Strengthen coordination with data providers and departments.
  • Investigate causes of data discrepancies.

• Institutional Coverage:

  • Broaden institutional coverage of GFS by including nonfinancial public corporations (SOEs) and other extrabudgetary funds.

• COVID-19 Related Spending:

  • Trace COVID-19 spending in the 2021 and 2022 annual budgets to monitor fiscal measures.

3. Challenges and Constraints

• Delays in data availability due to internal approval processes.
• Limited reconciliation of budget execution data.
• Rigidity in data sharing agreements and internal workflows.

4. Future Steps

• Establish a MOF Consultative Group on GFS/fiscal reporting.
• Set up data sharing arrangements for foreign aid capital expenditure data.
• Integrate COVID-19 spending data into monitoring and reporting frameworks.
• Compile historical GFS data for timely dissemination to the IMF and the public.