Contractors waiting to get paid for work done for the government of Laos are likely to have to wait a while before the cheques arrive.
Prime Minister Thongsing Thammavong said at a recent meeting of the National Assembly that postponing debt-paying is one way the government plans to contain spending and avoid what he sees as a looming financial crisis. National debt stands at 30% of gross domestic product, in large part because revenue targets have not been met.
Other efforts to contain the situation including delaying salary payments to civil servants, stalling non-essential government construction projects, and ordering tax collectors and other state financial departments to be more diligent in getting their hands on money owed to government.
