Over half a century ago, Lao PDR began its journey to become a modern nation and committed itself to long-term development ambitions. It has delivered electricity, schools, roads, and has become an important energy exporter.
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Phnom Penh, March 20, 2013 —Budget oversight through good governance is important because it makes governments work for the people, the World Bank emphasized at a joint workshop for parliamentarians and... Show More + government officials from Cambodia, Laos, and Vietnam on March 4, 2013.Alassane Sow, country manager of the World Bank in Cambodia, explained that governance is about the process of decision-making. It’s the process by which decisions are implemented so government can deliver better services to the people.“Building a system of budget oversight requires budget transparency. It also needs the involvement of all actors,” he said. “A full disclosure of all relevant fiscal information, in a timely and systematic manner, is critical. This will promote effective oversight by formal government institutions as well as informal networks and actors that have a key stake in the outcomes of the national budget,”Cheam Yeap, the chairman of the Commission on Economy, Finance, Banking and State A Show Less -
August 30, 2007—High levels of public spending and steep payroll taxes are a threat to the long streak of economic growth in many of the countries of Eastern Europe and Central Asia, a new World... Show More + Bank study says.The 27 countries, which extend from the Elbe River to the Bering Sea, have enjoyed generally strong growth that has pulled nearly 60 million people out of poverty in the past decade. But to stay economically healthy, the vast, diverse region must make challenging fiscal reforms, the study says.The study – Fiscal Policy and Economic Growth: Lessons for Eastern Europe and Central Asia – found that public spending in Central and Southeast Europe averaged 45 percent of gross domestic product (GDP), well above the rate in fast-growing middle-income countries in Asia and Latin America, such as Chile, Korea, and Thailand.It also found that high labor taxes – paid by both the employer and employee – created a “tax wedge” as high as 45 percent, triple the amount in comparable Show Less -