## 1laoea2021001 - 1. Priority Recomm

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### Summary of mission outcomes and objectives
- Remote TA to the Ministry of Finance (MOF) during September 21–October 2 and December 14–18, 2020 and March 9–13 and April 19–23, 2021 (extended to May 2021).
- Activities conducted remotely due to COVID-19 travel restrictions.
- Part of the GFS and Public Sector Debt Statistics (PSDS) project funded by the Government of Japan (JSA3) and implemented by the IMF Statistics Department (STA) and the IMF Capacity Development Office in Thailand (CDOT).
- Main purpose of the extended remote TA for April-May 2021:
  - (i) assessing Lao’s progress in compiling and disseminating GFS and PSDS data in line with international standards;
  - (ii) discussing with the Fiscal Policy Law Department (FPLD) a medium-work plan for FY2021-FY2022, prioritizing improved accuracy, timeliness, and coverage of GFS and PSDS compilation.
- Appendix I contains the work plan for FY2021-FY2022.

### Progress, constraints, and overall support
- Progress slowed during seven months from September 2020 to March 2021 due to pandemic-related work disruptions.
- Frequent remote contacts over nine months resulted in specific achievements despite challenges.
- The DDG supported a work program focused on:
  - (1) upgrading GFS and PSDS compilation and dissemination and deepening coverage (extrabudgetary funds and nonfinancial public corporations);
  - (2) strengthening coordination between FPLD and MOF departments on financing data sharing and reconciliation to improve GFS accuracy;
  - (3) enhancing synergies between PFM and GFS work programs.

### Achievements (specific outputs and developments)
- (i) Preliminary Quarterly GFS for FY2020 for budgetary central government compiled based on budget execution data and shared with the APD Lao team and the STA.
- (ii) Quarterly GFS for Social Security Fund (SSF) Q1 and Q2 FY2020 compiled from SSF operational data (above-the-line data and financial assets and liabilities).
- (iii) FPLD updated progress on establishment of the Oil Fund expected to operate in FY2022; draft Presidential Decree classification: extrabudgetary fund under GFSM 2014.
- (iv) Quarterly GFS for FY2020 for budgetary central government finalized from Budget and National Treasury Departments final reports; reviewed by LTX and shared with APD Lao team and STA.
- (v) Quarterly GFS for SSF Q3 and Q4 FY2020 reported to the STA.
- (vi) Compilation of quarterly PSDS to be initiated by EFDMD in early 2022 or sooner; no arrears on external borrowing except delays due to technical reasons; DMFAS upgrade and trainings expected finished in early 2022.
- (vii) MOF Annual Debt Bulletins for FY2019 and FY2020 prepared and published on the MOF website in May 2021.
- (viii) SOE reform (development strategy) developed by an inter-ministerial committee and to be submitted to Government in the second half of 2021; SOE identification and arrears reporting to be discussed with SOEMD in next remote TA.

### Notes on consolidation and future compilation steps
- SSF operations funded by social benefit contributions, own revenue and transfers from Lao Government. Consolidated central government (BCG and SSF) quarterly GFS will be compiled after Government disbursements for SSF clarified by Budget Department.
- EFDMD plans to compile Q-PSDS from Q3 (Jul-Sep) 2022 in PSDS templates but willing to start sooner using partially available data.

### Implementation of Covid-19 fiscal measures and budget timing (Appendix II)
- Covid-19 fiscal measures implemented under the annual budget for FY2021 (Jan-Dec) approved by the National Assembly in December 2020.
- MOF drafting FY2022 annual budget including Covid-19 budget to be submitted to the NA in Oct-Nov 2021.
- Because Covid-19 response spending is incorporated into the total annual budget, itemizing Covid-19 related spending in current fiscal data reporting may not be feasible.
- FPLD agreed with LTX to monitor Covid-19 related spending under FY2021 and FY2022; data collection and tracing to be discussed in future remote TA.
- An Inter-ministerial committee (MOF, Ministry of Health, Ministry of Welfare, and others) organized in 2020 to implement Covid-19 fiscal measures.
- A Presidential Decree or a Ministerial Degree on fiscal measures for FY2022 including Covid-19 measures expected in October 2021.

### Expected fiscal measures for FY2022 (as presented)
- Expenditure measures:
  - Welfare supports to company (SSF members) employees from SSF; government to collect information on affected families and company employees unsupported by SSF to provide budget support.
  - 15% of central budget and 10% of local budget will be cut and non-urgent expenditure implementation postponed.
  - These expenditure measures financed from Reserve fund (State accumulation fund etc.), external grants and domestic grants (from private companies and individuals).
- Revenue measures:
  - Profit tax payment will be deferred for 6 months.
  - Personal income tax (personal income tax not exceeding Kip 5 million and for small business) for three months equivalent will be exempted.

### Priority recommendations and target dates (summary of Action Plan)
- Ongoing:
  - Continue compilation of quarterly/annual GFS for consolidated central government by including SSF and initiate dissemination to the IMF and on the MOF website. (FPLD and National Social Security Fund (NSSF))
  - Compile and disseminate quarterly/annual GFS for the SSF, extrabudgetary funds and consolidated central government. (FPLD and relevant institutions)
  - Disseminate quarterly Lao GFS in a timely manner using preliminary secondary data collected from source data providers.
  - Compile and disseminate quarterly/annual GFS from FY2010 onwards on the MOF website.
- March 2022 / onwards:
  - Collect detailed transactions data from EFDMD and NTD using revised data reporting templates for reconciliation and improved fiscal data accuracy.
  - Compile quarterly PSDS starting with FY2021 based on PSDS template and disseminate to the IMF and on the MOF website; collect arrears data on the Lao Government and SOEs and compile supplementary data for GFS.
  - Compile and disseminate quarterly/annual GFS for SSF, extrabudgetary funds and consolidated central government. (Repeated in Action Plan)
- June 2022:
  - Compile annual GFS in a summary sheet from detailed budget execution data of the Official Gazette (derived from the GFIS) and initiate dissemination on the MOF website. (FPLD and Budget Department)
- June 2022 / onwards:
  - Compile GFS for SOEs (nonfinancial public corporations) based on data available after delineation by sector and establish reporting requirements.
  - Compile annual GFS for nonfinancial public sector.
- Other targeted actions:
  - Compile annual GFS for full consolidated central government including extrabudgetary funds and disseminate to the IMF and on the MOF website. (Target: March 2022)
  - Compile annual GFS for major nonfinancial public corporations through data sharing in coordination with relevant ministries and SOEs.

### Regular data compilation, timeliness, and dissemination
- Quarterly GFS compiled from preliminary data submitted by MOF departments and the Bank of Laos.
- Timeliness improved due to strengthened coordination between FPLD and data providers and agreed data provision schedules.
- Quarterly and annual GFS for FY2010-FY2019 in the GFSY template disseminated on the MOF website in June 2020; also posted on the IMF NSDP.
- Quarterly and annual GFS for FY2020 and annual budget execution data for FY2020 expected to be disseminated on the MOF website and IMF NSDP in July 2021.
- Recommended: Strengthen coordination with source data reporting departments of MOF and Bank of Laos for timely data sharing and regular compilation using preliminary accounting data.

### Broadening institutional coverage of GFS and extrabudgetary funds
- FPLD initiated compilation of quarterly and annual GFS for SSF from FY2018 based on monthly SSF operational data from NSSF; annual GFS for FY2018 for BCG and SSF reported to IMF and disseminated on MOF website in June 2019.
- Three extrabudgetary funds identified: Environment Protection Fund (EPF), Poverty Reduction Fund (PRF), and the Embassy Support Services.
  - FPLD received FY2018 Financial Statements for PRF in January 2020; clarification work and collection of FS2019 ongoing to compile annual GFS for PRF.
- Oil Fund (to be implemented within FY2022) will be off-budget; draft Presidential Decree being prepared to be submitted to PMO in second half of 2021.
- DDG requested identification of more government funds managed by line ministries not covered by state budget; transactions through those funds not reported to MOF.
- FPLD agreed to compile GFS for consolidated nonfinancial public sector (major SOEs) within 2022, contingent on SOE reform being submitted in second half of 2021.
- SOEMD to provide lists of large SOEs and financial data (registered capital, balance sheets, profit and loss statements) for selected major SOEs.
- Recommended actions:
  - Follow up on Oil Fund implementation and collect transactions for GFS once implemented.
  - Continue collecting financial statements of the three identified extrabudgetary funds to compile quarterly or annual GFS.
  - Identify funds managed by line ministries and collect transaction data through coordination.
  - Collect data from line ministries and relevant SOEs to identify major SOEs using a “macro-critical” SOE approach.

### Compiling annual GFS for dissemination (Official Gazette and MOF website)
- FPLD initiated compilation of summary GFS from detailed annual budgetary execution data (Official Gazette) from FY2017.
- Annual GFS for FY2018 compiled during remote TA; detailed data to cross-examine annual GFS compiled from secondary sources.
- Official Gazette data compiled by budget nomenclature and include aggregated data; ODA funded capital expenditures recorded by project or sector by MPI and lack detailed economic classification.
- Detailed data on ODA funded capital expenditures need collection from MPI for GFSM 2014 classification.
- Detailed annual budgetary execution data for FY2020 prepared by Budget Department to be submitted for audit and reported to NA in June/July 2021 after Minister’s approval; Official Gazette data for FY2020 to be published in early July.
- Recommended actions:
  - Compile annual GFS in bridge tables based on Official Gazette summary table for FY2019 once available and disseminate on the MOF website by coordinating with IT Department.
  - Initiate discussion with MPI, with cooperation of CDOT PFM Advisor, to agree on data sharing for detailed ODA funded capital expenditure source data for GFSM 2014 economic classification.

### Regular PSDS compilation, arrears, and dissemination
- EFDMD agreed with FPLD and LTX in November 2019 to compile quarterly PSDS from FY2018 based on a revised PSDS template aligned with PSDS Guide 2013 and WB-IMF PSDS database formats.
- Delay in recent quarterly PSDS compilation due to MOF workload and other factors; EFDMD committed to compile quarterly PSDS in early 2022 or sooner.
- DMFAS system upgrade and staff training expected finished in early 2022; quarterly PSDS to be reported to IMF once complete.
- MOF Annual Debt Bulletins for FY2019 and FY2020 published May 2021.
- Mission on arrears:
  - No arrears on external borrowing by Lao Government, except delays in repayment due to technical reasons.
  - Two types of SOEs: EDL can borrow directly from external lenders; other SOEs can borrow only from Lao Government (on-lent). EDL’s external borrowing is government guaranteed.
  - SOEs arrears and PPPs to be discussed with SOEMD in next remote TA.
- Recommended actions:
  - Compile quarterly PSDS in early 2022 or sooner using PSDS template and available source data; compile back series as feasible and partial public sector debt data until full PSDS compilation initiated.
  - EFDMD should disseminate quarterly PSDS on MOF website once compiled and is strongly encouraged to disseminate quarterly PSDS on the WB/IMF debt database (within two quarters) in compliance with e-GDDS reporting guidelines.

### Tracing Covid-19 related spending and reporting
- Covid-19 spending incorporated in total annual budget; FPLD and LTX to continue discussions on how to collect Covid-19 spending data from current reporting system or other sources.
- Recommended actions:
  - Coordinate with relevant departments including Budget Department and/or Inter-ministerial Committee to collect data for Covid-19 related spending for tracing and monitoring.
  - Prepare quarterly reports on Covid-19 spending based on a template to be developed with LTX support and report to IMF.

### Continuing compilation of quarterly and annual GFS: objectives, scope, and timing
- Objectives:
  - Compile quarterly and annual GFS for consolidated central (general) government (BCG and SSF) using budget execution and SSF operations data.
  - Compile annual GFS from Official Gazette summary derived from Chart of Accounts (CoA).
  - Improve quality and timeliness of GFS, particularly financing and public debt data, via better data sharing/reconciliation between FPLD and source providers.
  - Expand coverage by consolidating extrabudgetary funds including the Oil Fund.
  - Compile quarterly PSDS aligned with WB/IMF PSDS debt database and PSDS 2011 guide and disseminate in line with e-GDDS.
  - Identify any public sector debt arrears by government or SOEs.
- Implementation timing and milestones:
  - Oil Fund expected in FY2022.
  - After DMFAS upgrade and trainings finished in 2021 and 2022, EFDMD to compile quarterly PSDS from Q3 (Jul-Sep) 2022 onward.
  - IFMIS system expected implementation in FY2023.
- Responsible staff (work plan for FY2011-FY2022):
  - Ms. Sifong Oumavong (sifong.oumavong@gmail.com), FPLD DDG.
  - Mr. Duangchay Keomixai (entduang@yahoo.com), Director of Fiscal Data and Statistics Division, FPLD.
  - Work plan agreed by DDG of FPLD and participating departments (EFDMD and SOEMD) on April 27, 2021 during April/May remote TA.

### Improvement of data accuracy and reconciliation
- Follow up with NTD and EFDMD on data sharing based on agreed data reporting template and data reconciliation.
- Continue identifying causes of data discrepancies.
- Follow up on past commitments from EFDMD and NTD (September 2019 GFS TA) on:
  - Detailed disbursement data (by item and disbursement amount) during complementary period and annual social benefit payment data.
  - All domestic/foreign financing data, especially on-lending to SOEs.

### Public sector debt statistics (PSDS) responsible staff and arrears
- Responsible staff: Ms. Manivone Phonhamath, Director of Debt Management Division, EFDMD (manivone2303@gmail.com); Mr. Douangdeth Sensathith, Debt Management Division, EFDMD (s_deth@mof.gov.la).
- EFDMD committed to compile quarterly PSDS from FY2019 data onwards according to revised template; initiation expected early 2022 or sooner after DMFAS upgrade and training.
- Public Debt Bulletin for FY2019 and FY2020 posted on MOF website (May 23, 2021).
- Arrears:
  - EFDMD: No arrears for repayment on external borrowings by Lao government, except delays due to technical reasons.
  - Data on arrears held by EDL and other SOEs, if applicable, will be shared with FPLD.
  - Arrears data collection for Lao Government and SOEs according to data template is ongoing.

### COVID-19 response and fiscal measures (summary)
- Fiscal measures for COVID-19 included in revised FY2020 budget implemented by Interministerial Committee.
- FY2022 budget including Covid-19 component to be submitted to National Assembly in Oct/Nov 2021.
- A Presidential Decree or Ministerial Decree for fiscal measures including Covid-19 is being prepared.
- Expenditure measures financed from Reserve fund, external grants and domestic grants.
- Future remote TA will discuss the Decree and detailed fiscal measures for FY2021 and FY2022 and data collection for Covid-19 spending.

### Other issues and coordination
- Strengthen coordination with CDOT PFM advisor: FPLD to work with Treasury and other MOF departments on IFMIS including GFSM and COFOG classifications for fiscal reporting automation, supported by CDOT’s GFS and PFM LTXs.
- Ongoing COA Technical working group on Chart of Accounts development under WB project and COA Modernization Project by CDOT PFM team, joined by LTX.
- Foreign financed capital expenditure: further discussions with MPI to collect detailed capital expenditure data for GFS economic classification.
- Proposed workshop for parliamentarians (one day, 40-50 participants) on GFS and PFM to be clarified by FPLD.

### Appendix III — Quarterly GFS for Budgetary Central Government (in millions of Kip)

- Revenue:
  - 12,977,737.7
  - 13,500,236.0
  - 18,260,895.1
  - 18,969,665.0
  - 23,340,322.2
  - 23,698,788.6
  - 20,716,322.2
  - 22,573,209.4
  - 24,788,875.6
  - 25,305,154.9
  - 24,035,543.5
- Taxes:
  - 8,021,306.2
  - 9,737,889.7
  - 11,109,645.2
  - 13,484,505.7
  - 14,906,614.0
  - 16,348,708.8
  - 16,659,875.3
  - 17,184,418.3
  - 17,894,439.8
  - 18,614,159.1
  - 16,158,421.1
- Grants (revenue):
  - 3,930,640.7
  - 2,970,107.0
  - 5,800,275.9
  - 3,689,192.9
  - 5,947,059.4
  - 4,618,346.3
  - 1,748,950.7
  - 2,197,063.4
  - 2,929,309.6
  - 2,632,186.0
  - 2,565,283.1
- Other revenue:
  - 1,025,790.8
  - 792,239.3
  - 1,350,974.0
  - 1,795,966.4
  - 2,486,648.8
  - 2,731,733.5
  - 2,307,496.3
  - 3,191,727.7
  - 3,965,126.2
  - 4,058,809.8
  - 3,122,045.7

- Expense (total):
  - 6,689,154.4
  - 7,741,870.4
  - 10,367,889.4
  - 15,575,732.3
  - 16,325,418.0
  - 17,813,207.9
  - 19,733,765.9
  - 17,173,524.6
  - 18,667,485.4
  - 19,926,849.7
  - 19,747,442.7
- Compensation of employees:
  - 2,738,997.7
  - 3,306,794.9
  - 5,388,317.2
  - 8,313,739.3
  - 8,683,045.5
  - 8,988,421.5
  - 9,461,860.6
  - 9,806,955.0
  - 10,183,990.2
  - 10,345,782.0
  - 10,821,535.2
- Use of goods and services:
  - 2,087,109.0
  - 2,039,913.8
  - 2,303,114.3
  - 4,134,382.8
  - 4,351,940.7
  - 5,159,072.2
  - 5,850,345.9
  - 2,757,425.0
  - 2,928,898.8
  - 3,141,397.0
  - 2,882,304.7
- Interest:
  - 420,119.0
  - 492,042.2
  - 646,570.1
  - 907,853.8
  - 947,604.7
  - 1,178,219.7
  - 1,584,154.8
  - 1,947,381.2
  - 2,596,764.6
  - 2,868,322.6
  - 2,609,480.1
- Subsidies:
  - 699,645.6
  - 864,223.1
  - 1,076,044.0
  - 970,266.5
  - 1,177,822.0
  - 1,146,375.2
  - 1,424,157.0
  - 1,211,525.0
  - 1,309,987.0
  - 1,619,917.8
  - 1,562,713.9
- Grants (expense):
  - 18,532.5
  - 28,861.7
  - 26,970.7
  - 22,063.8
  - 25,098.1
  - 32,453.3
  - 39,079.7
  - 36,392.4
  - 38,929.1
  - 42,941.4
  - 48,530.4
- Other expense:
  - 724,750.7
  - 1,010,034.7
  - 926,873.1
  - 1,227,426.0
  - 1,139,907.0
  - 1,308,666.0
  - 1,374,167.9
  - 1,413,846.0
  - 1,608,915.6
  - 1,908,489.0
  - 1,822,878.5

- Gross operating balance (GOB) (1‐2+23+NOBz):
  - 6,288,583.3
  - 5,758,365.6
  - 7,893,005.7
  - 3,393,932.7
  - 7,014,904.3
  - 5,885,580.7
  - 982,556.4
  - 5,399,684.8
  - 4,847,397.3
  - 5,378,305.2
  - 2,098,307.2

- Acquisition of Nonfinancial Assets (31A / Fixed assets):
  - 7,103,083.4
  - 6,725,609.8
  - 9,671,453.5
  - 7,331,726.0
  - 10,512,944.6
  - 12,617,367.8
  - 7,803,339.0
  - 12,892,450.5
  - 12,803,168.0
  - 10,076,371.9
  - 11,122,555.5
- Disposal of Nonfinancial Assets (31B / Fixed assets):
  - 288,619.7
  - 257,842.8
  - 260,776.7
  - 244,990.2
  - 484,454.7
  - 421,755.7
  - 457,930.2
  - 87,435.2
  - 302,194.8
  - 257,278.2
  - 61,090.5
- Net Acquisition of Nonfinancial Assets (31):
  - 6,814,463.7
  - 6,467,767.0
  - 9,410,676.8
  - 7,086,735.8
  - 10,028,489.9
  - 12,195,612.1
  - 7,345,408.8
  - 12,805,015.2
  - 12,500,973.2
  - 9,819,093.7
  - 11,061,465.0

- Net lending/borrowing (NLB) (1‐2+NOBz‐31):
  - -525,880.4
  - -709,401.4
  - -1,517,671.1
  - -3,692,803.1
  - -3,013,585.6
  - -6,310,031.4
  - -6,362,852.5
  - -7,405,330.5
  - -7,653,575.9
  - -4,440,788.5
  - -8,963,157.8

- Net acquisition of financial assets (32):
  - 451,503.6
  - 1,631,975.1
  - -2,398,441.0
  - -25,668.7
  - 2,078,552.9
  - 1,079,053.9
  - -2,707,641.0
  - 1,077,098.4
  - -2,492,312.0
  - 981,119.3
  - -1,051,877.4
  - (Domestic component 321 matches the above series; Foreign 322 = 0.0 across listed periods)

- Net incurrence of liabilities (33):
  - 1,057,524.2
  - 1,436,266.3
  - 334,514.6
  - 812,132.2
  - 207,687.1
  - 2,905,544.6
  - -87,579.6
  - 8,308,660.4
  - 3,702,843.4
  - 4,262,354.5
  - 6,528,617.4
  - (Example domestic component 331 entries include -53,067.0, 150,267.2, -504,307.7, -519,147.0, -371,751.0, -507,783.0, -1,510,582.8, 1,118,990.0, -523,444.0, 52,158.4, 3,377,392.0; example foreign component 332 entries include 1,110,591.2, 1,285,999.0, 838,822.3, 1,331,279.2, 579,438.1, 3,413,327.6, 1,423,003.2, 7,189,670.4, 4,226,287.4, 4,210,196.1, 3,151,225.4)

- Financing Discrepancy (A):
  - -80,140.2
  - 905,110.2
  - -1,215,284.5
  - 2,855,002.2
  - 4,884,451.3
  - 4,483,540.7
  - 3,742,791.0
  - 173,768.5
  - 1,458,420.5
  - 1,159,553.3
  - 1,382,663.0

- Fiscal data discrepancies (A)/(B) (in terms of GDP):
  - -0.1%
  - 1.3%
  - -1.5%
  - 3.0%
  - 4.6%
  - 3.8%
  - 2.9%
  - 0.1%
  - 1.0%
  - 0.7%
  - 0.8%

- Nominal GDP (B):
  - 60,833,491
  - 71,620,836
  - 81,609,860
  - 93,867,574
  - 106,797,294
  - 117,251,584
  - 129,279,119
  - 140,749,000.0
  - 152,414,000.0
  - 164,017,000.0
  - 177,780,000.0

*Source: Summary of Mission Outcomes and Priority Recommendations (remote GFS/PSDS TA activities Sept 21–Oct 2 and Dec 14–18, 2020; March 9–13 and April 19–23, 2021 (extended to May 2021)).*

### 1. Priority Recomm

### 1laoea2021001 - 1. Priority Recomm

### Summary of mission outcomes and objectives
- This TA report on government finance statistics (GFS) covers the remote TA to the Ministry of Finance (MOF) during September 21–October 2 and December 14–18, 2020 and March 9–13 and April 19–23, 2021 (which was extended to May 2021).
- Activities were conducted remotely due to travel restrictions resulting from the COVID-19 situation.
- The activities were part of the GFS and Public Sector Debt Statistics (PSDS) project funded by the Government of Japan (JSA3) and implemented by the IMF Statistics Department (STA) and the IMF Capacity Development Office in Thailand (CDOT).
- Main purpose of the extended remote TA for April-May 2021:
  - (i) making assessment of Lao’s progress in compiling and disseminating GFS and PSDS data in line with international standards;
  - (ii) discussing with the Fiscal Policy Law Department (FPLD) a medium-work plan for FY2021-FY2022, placing high priority on improving the accuracy, timeliness, and coverage of GFS and PSDS compilation.
- Appendix I contains the work plan for FY2021-FY2022.

### Progress, constraints, and overall support
- During seven months from September 2020 to March 2021 following the July 2020 remote GFS TA mission, progress was slowed by work disruptions due to the pandemic.
- Frequent remote contacts with the Lao MOF for nine months resulted in specific achievements despite significant challenges at the MOF.
- The DDG supported the proposed work program and objectives focusing on:
  - (1) upgrading GFS and PSDS compilation and dissemination and deepening coverage by focusing on extrabudgetary funds and nonfinancial public corporations;
  - (2) strengthening coordination between FPLD and MOF departments on financing data sharing and reconciliation to improve GFS accuracy;
  - (3) enhancing synergies between PFM and GFS work programs.

### Achievements (specific outputs and developments)
- (i) Preliminary Quarterly GFS for FY2020 for budgetary central government was compiled based on budget execution data and shared with the APD Lao team for surveillance and reported to the STA.
- (ii) Quarterly GFS for Social Security Fund (SSF) for Q1 and Q2 of FY2020 based on SSF operational data (above-the-line data and financial assets and liabilities) was compiled.
- (iii) The FPLD updated the mission on progress on the establishment of the Oil Fund, expected to operate in FY2022. A Presidential Decree for the Oil Fund is expected to be submitted to the Prime Minister’s Office in the second half of 2021 for approval once it is finalized by the relevant ministries, mainly the MOF and the Ministry of Commerce. Based on preliminary information of the draft Decree and discussions with the FPLD at the remote meetings, the Fund should be classified as an extrabudgetary fund under the GFSM 2014.
- (iv) Quarterly GFS for FY2020 for budgetary central government was finalized; these data series were compiled based on the Budget and the National Treasury Departments final reports. The GFS data were reviewed by the LTX for accuracy and subsequently shared with the APD Lao team and the STA.
- (v) Quarterly GFS for SSF for Q3 and Q4 for FY2020 based on SSF operations data (above-the-line data and financial assets and liabilities) was reported to the STA.
- (vi) Compilation of quarterly PSDS will be initiated by the External Finance and Debt Management Department (EFDMD) in early 2022 or sooner if feasible. The EFDMD indicated there were no arrears on external borrowing, except the delay in repayment due to technical reasons. The ongoing Debt Management and Financial Analysis System (DMFAS) upgrade and trainings (basic and advanced) for all MOF staff are expected to be finished in early 2022.
- (vii) The MOF Annual Debt Bulletins for FY2019 and FY2020 were prepared and published on the MOF website in May 2021.
- (viii) The State-Owned Enterprises (SOEs) reform (development strategy) has been developed by an inter-ministerial committee and will be submitted to the Government in the second half of 2021. Progress of the strategy, identification of nonfinancial SOEs for GFS and related data reporting on SOEs arrears will be discussed with the State-Owned Enterprises Management Department (SOEMD) in the next remote GFS TA.

### Notes on consolidation and future compilation steps
- SSF is operated by social benefit contributions, own revenue and transfers from the Lao Government. Quarterly GFS for consolidated central government (BCG and SSF) will be compiled after the Government disbursements for National SSF operations are clarified by the Budget Department.
- The EFDMD is planning to compile Q-PSDS from Q3 (Jul-Sep) 2022 in PSDS templates but is willing to start sooner using partially available data.

*Source: Summary of Mission Outcomes and Priority Recommendations (remote GFS/PSDS TA activities Sept 21–Oct 2 and Dec 14–18, 2020; March 9–13 and April 19–23, 2021 (extended to May 2021)).*

### Appendix II.

### Appendix II

### Implementation of Covid-19 fiscal measures and budget timing
- Fiscal measures for the Covid-19 pandemic are implemented under the current annual budget for FY2021 (Jan-Dec) approved by the National Assembly (NA) in December 2020.
- The MOF is drafting the annual budget for FY2022 including Covid-19 budget; it will be submitted to the NA in Oct-Nov 2021.
- Because Covid-19 response spending is incorporated into the total annual budget, itemizing Covid-19 related spending in the current fiscal data reporting system may not be feasible.
- The FPLD agreed with the LTX to monitor Covid-19 related spending under FY2021 and FY2022; data collection and tracing will be discussed in future remote GFS and PSDS TA, including the June remote TA.
- An Inter-ministerial committee (MOF, Ministry of Health, Ministry of Welfare, and other relevant ministries) was organized in 2020 to implement Covid-19 fiscal measures.
- A Presidential Decree or a Ministerial Degree on fiscal measures for FY2022 including Covid-19 measures is expected to be issued in October 2021.

### Expected fiscal measures for FY2022 (as presented)
- Expenditure measures:
  - Welfare supports to company (SSF members) employees from SSF; government will collect information on affected families and company employees unsupported by SSF to provide support from the Budget.
  - 15% of central budget and 10% of local budget will be cut and non-urgent expenditure implementation will be postponed.
  - These expenditure measures are financed from Reserve fund (State accumulation fund etc.), external grants and domestic grants (from private companies and individuals).
- Revenue measures:
  - Profit tax payment will be deferred for 6 months.
  - Personal income tax (personal income tax not exceeding Kip 5 million and for small business) for three months equivalent will be exempted.

### Priority recommendations and target dates (summary of Table 1 and Action Plan)
- Ongoing:
  - Continue compilation of quarterly/annual GFS for consolidated central government by including SSF and initiate its dissemination to the IMF and on the MOF website. (FPLD and National Social Security Fund (NSSF))
  - Compile and disseminate quarterly/annual GFS for the SSF and the extrabudgetary funds and the consolidated central government. (FPLD and relevant institutions)
  - Disseminate quarterly Lao GFS in a timely manner using preliminary secondary data collected from source data providers. (Ongoing)
  - Compile and disseminate quarterly/annual GFS from FY2010 onwards on the MOF website. (Ongoing)
- March 2022 / onwards:
  - Collect detailed transactions data from the EFDMD and the NTD using revised data reporting templates to allow reconciliation and improved fiscal data accuracy.
  - Compile quarterly PSDS starting with FY2021 based on the PSDS template and disseminate them to the IMF and on the MOF website; collect arrears data on the Lao Government and SOEs and compile supplementary data for GFS.
  - Compile and disseminate quarterly/annual GFS for the SSF and the extrabudgetary funds and the consolidated central government. (Repeated in Action Plan)
- June 2022:
  - Compile annual GFS in a summary sheet from the detailed budget execution data of the Official Gazette (derived from the GFIS) and initiate its dissemination on the MOF website. (FPLD and Budget Department)
- June 2022 / onwards:
  - Compile GFS for SOEs (nonfinancial public corporations) based on data available after delineation by sector and establish reporting requirements.
  - Compile annual GFS for nonfinancial public sector.
- Other targeted actions:
  - Compile annual GFS for full consolidated central government by including extrabudgetary funds and disseminate it to the IMF and on the MOF website. (Target: March 2022)
  - Compile annual GFS for major nonfinancial public corporations through data sharing in coordination with relevant ministries and SOEs.

### Regular data compilation, timeliness, and dissemination
- Quarterly GFS is compiled from preliminary data submitted by other MOF departments and the Bank of Laos.
- Recent quarterly GFS reporting to the IMF has improved in timeliness due to strengthened coordination between FPLD and data providers and agreed data provision schedules.
- Quarterly GFS for FY2020 were compiled by FPLD with LTX support based on final budget execution data and shared with the APD Lao team.
- Quarterly and annual GFS for FY2010-FY2019 in the GFSY template were disseminated on the MOF website in June 2020; these statistics were based on final reconciled budget execution data of the Budget and National Treasury Departments and also disseminated on the IMF NSDP.
- Quarterly and annual GFS for FY2020 and annual budget execution data for FY2020 are expected to be disseminated on the MOF website and on the IMF NSDP in July 2021.
- Recommended action: Strengthen coordination with source data reporting departments of the MOF and with the Bank of Laos on timely data sharing to ensure regular compilation of Lao P.D.R.’s GFS using preliminary accounting data and facilitate timely statistics submission to the IMF and dissemination on the MOF website.

### Broadening institutional coverage of GFS and extrabudgetary funds
- FPLD initiated compilation of quarterly and annual GFS for the SSF from FY2018 (Jan-Dec) based on monthly SSF operational data provided by NSSF; annual GFS for FY2018 for the BCG and the SSF was reported to the IMF and disseminated on the MOF website in June 2019.
- Three extrabudgetary funds identified: Environment Protection Fund (EPF), Poverty Reduction Fund (PRF), and the Embassy Support Services.
  - FPLD received FY2018 Financial Statements for PRF in January 2020; clarification work and collection of FS2019 is ongoing to compile annual GFS for PRF.
- An Oil Fund, to be implemented within FY2022, will be off-budget; an Inter-ministerial Committee is drafting the Presidential Decree establishing the Oil Fund to be submitted to the PMO within the second half of 2021.
- The DDG of FPLD requested identification of more government funds managed by line ministries (energy, mining, agriculture) not covered by state budget; transactions through those funds have not been reported to MOF.
- FPLD agreed to compile GFS for the consolidated nonfinancial public sector (major SOEs) within 2022, contingent on SOEs reform (development strategy) being developed by an inter-ministerial committee and expected to be submitted to the Government in the second half of 2021.
- SOEMD will provide lists of large SOEs, before and after reform, and data (registered capital, balance sheets, profit and loss statements) for selected major SOEs to support GFS compilation.
- Recommended actions:
  - Continue following up on progress of the Oil Fund and collect its transactions for GFS once implemented.
  - Continue collecting financial statements of the three identified extrabudgetary funds to compile quarterly or annual GFS.
  - Identify funds managed by line ministries and collect transactions data through coordination with those ministries.
  - Collect data from line ministries and relevant SOEs to identify major SOEs based on a “macro-critical” SOE approach for financial impact and delineate them for proper classification.

### Compiling annual GFS for dissemination (Official Gazette and MOF website)
- FPLD initiated compilation of summary GFS from detailed annual budgetary execution data (Official Gazette) from FY2017 (January-December).
- Annual GFS for FY2018 (latest data at time of mission) based on detailed data was compiled during remote TA; these detailed data will be used to cross-examine annual GFS compiled from secondary source data.
- Official Gazette data are compiled based on budget nomenclature and include aggregated data; ODA funded capital expenditures are recorded by project or sector by MPI and lack detailed economic classification.
- Detailed data on ODA funded capital expenditures need to be collected from MPI to compile GFS under GFSM 2014.
- Detailed annual budgetary execution data for FY2020 was prepared by the Budget Department and will be submitted for audit and reported to the NA in June/July 2021 after Minister’s approval; Official Gazette data for FY2020 will be published in early July.
- Recommended actions:
  - Compile annual GFS in bridge tables based on Official Gazette summary table for FY2019 once available and disseminate on the MOF website by coordinating with the IT Department.
  - Initiate discussion with MPI, with cooperation of the CDOT PFM Advisor, to agree on data sharing to collect detailed ODA funded capital expenditure source data for GFSM 2014 economic classification.

### Regular PSDS compilation, arrears, and dissemination
- EFDMD agreed with FPLD and LTX in November 2019 to compile quarterly PSDS from FY2018 based on a revised PSDS template aligned with PSDS Guide 2013 and WB-IMF PSDS database reporting formats.
- Delay in compilation of recent quarterly PSDS due to increased MOF workload and other factors; FPLD continues to follow up with EFDMD.
- Compilation of quarterly PSDS will be initiated in early 2022, or sooner if feasible, and disseminated on the MOF website subject to Minister’s clearance.
- The DMFAS system upgrade and staff training (basic and advanced) for all MOF staff are expected to be finished in early 2022; quarterly PSDS will be reported to the IMF once DMFAS upgrade and training are finished.
- MOF’s Annual Debt Bulletin for FY2019 and FY2020 were published by EFDMD on the MOF website in May 2021.
- Mission information on arrears:
  - No arrears on external borrowing by the Lao Government, except for delays in repayment due to technical reasons.
  - Two types of SOEs: EDL (electric power generation company) can borrow directly from external lenders; other SOEs can borrow only from the Lao Government (on-lent). EDL’s external borrowing is guaranteed by the Government.
  - Data reporting on SOEs arrears and other corporations, including PPPs, will be discussed with SOEMD in the next remote GFS TA.
- Recommended actions:
  - Compile quarterly PSDS in early 2022 or sooner using the PSDS template and available source data; compile a time series of back data as much as feasible and compile partial public sector debt data until full PSDS compilation is initiated.
  - EFDMD should disseminate quarterly PSDS on the MOF website once compiled and is strongly encouraged to disseminate quarterly PSDS on the WB/IMF debt database (within two quarters) in compliance with e-GDDS reporting guidelines.

### Tracing Covid-19 related spending and reporting
- Because Covid-19 spending is incorporated in the total annual budget, the FPLD and LTX will continue discussions on how to collect Covid-19 spending data from the current budget reporting system or other sources.
- Recommended actions:
  - Coordinate with relevant departments including the Budget Department and/or the Inter-ministerial Committee to collect data for Covid-19 related spending for tracing and monitoring.
  - Prepare quarterly reports on Covid-19 spending based on a template to be developed with support of the LTX and report to IMF.

*Appendix II (as provided).*

### 1. Continuing compilation of quarterly and annual GFS on a timely basis with improved

### 1. Continuing compilation of quarterly and annual GFS on a timely basis with improved consistency and disseminating to IMF and on the MOF website.

### Objectives and scope
- Compile quarterly and annual GFS for consolidated central (general) government (budgetary central government and the Social Security Fund (SSF)) based on budget execution data and SSF operations data.
- Compile annual GFS based on summary data of detailed official gazette data compiled according to the Chart of Accounts (CoA).
- Improve quality and timeliness of GFS, particularly financing and public debt data, through implementation of better data sharing and reconciliation between the FPLD and the source data providers.
- Expand coverage for GFS by consolidation with extrabudgetary funds including the Oil Fund.
- Compile quarterly PSDS based on the WB/IMF PSDS debt database and the PSDS 2011 guide and disseminate to IMF and on the MOF website in line with the e-GDDS.
- Identify any public sector debt arrears by government or State-owned Enterprises (SOEs).

### Implementation timing and milestones (short- and medium-term)
- The Oil Fund is expected to be implemented in FY2022.
- After DMFAS system upgrade and all the training (basis and advanced courses) are finished in 2021 and 2022, respectively, the EFDMD will compile quarterly PSDS from Q3 (Jul-Sep) 2022 and onwards.
- The EFDMD is requested to start quarterly PSDS compilation work soon after the trainings are completed.
- There are no arrears on external borrowings, except the delay in repayment due to technical reasons.
- Major SOEs will be selected according to size of assets, debt, and subsidies; use of government guarantees; strategic importance (e.g. natural resources, utilities), and other relevant criteria (“macro-critical” SOE approach).
- SOEs development strategy will be developed by an intergovernmental committee and is expected to be submitted to Lao Government in 2021. Once the reform is implemented, the FPLD with cooperation of the SOED and the CDOT GFS/PSDS Advisor, will initiate work for compilation of GFS for nonfinancial SOEs.
- The IFMIS system is expected to be implemented in FY2023.

### Responsible staff (work plan for FY2011-FY2022)
- Ms. Sifong Oumavong (sifong.oumavong@gmail.com), FPLD DDG.
- Mr. Duangchay Keomixai (entduang@yahoo.com), Director of Fiscal Data and Statistics Division, FPLD.
- Work plan agreed by DDG of the FPLD and participating departments (EFDMD and SOEMD) on April 27, 2021 during the April/May remote GFS/PSDS TA.

### Achievements and ongoing compilation tasks
- Quarterly GFS for SSF for FY2019 and FY2020 were compiled based on monthly SSF operational data and financing data (financial assets and liabilities data).
- Annual GFS for SSF and BCG for FY2018 was submitted to IMF STA in 2019 for inclusion in the GFSY.
- Quarterly GFS for FY2020 (final data) was compiled, and reported to the STA and shared with the APD Lao team for surveillance.
- Preliminary quarterly GFS for Q1 (Jan-Mar) FY2021 was compiled and shared with the PAD Lao team and the STA.
- Annual and quarterly GFS historical time series from FY2010 to FY2019 were disseminated on the MOF website on June 17, 2020.
- Annual budgetary execution data historical time series from FY2010 to FY2019 was posted on the IMF NSDP under the e-GDDS data reporting requirements.
- Data sets for FY2020 are expected to be disseminated on the MOF website and the IMF NSDP in July 2020 after the final budget execution data for FY2020 approved by the Minister are submitted to National Assembly and the State Audit.
- Annual GFS for FY2017 and FY2018 were drafted based on official gazette data and are expected to be posted on the MOF website upon FPLD DG approval.
- Official gazette data for FY2019 is expected to be posted on the MOF website in June 2020.
- Annual expenditure data based on functional classification (by LMs) will be compiled using official gazette data for FY2019 or latest annual data available.

### Compilation of GFS for extrabudgetary funds (EBFs)
- Oil Fund:
  - In response to a proposal by the Prime Minister’s office on establishment of “Oil Fund”, a Committee (Prime Minister’s Office (PMO), Ministry of Commerce and Ministry of Finance) was organized to discuss scheme of the fund, operations, terms and conditions, and other important matters related to the fund operations framework and management/operations of the fund.
  - It will be treated as off budget fund and is not subject to the NA approval.
  - Draft Presidential Decree on the establishment of the Oil Fund and actual operations was provided in March 2021 and the final decree being drafted by the Committee is expected to be submitted to the PMO in the 2nd half of 2021.
- Poverty Reduction Fund (PRF), Environmental Protection Fund (EPF) and Embassy Services were identified as EBFs during the March 2017 GFS TA mission.
- Classification is still being made with Poverty Reduction Fund (PRF) on reporting items in 2018 FS to compile annual GFS for PRF. 2019 FS to be collected from the PRF.

### Compilation of GFS for nonfinancial SOEs
- Responsible staff: Ms. Tounkham Vongnachan, Head of SOEs Division, State-Owned Enterprises Management Department (tounkham27@gmail.com).
- An inter-ministerial committee for SOEs development strategy comprising relevant ministries, including Ministry of Justice, was set up in Lao Government to develop the Lao SOEs development strategy.
- SOEs development strategy expected to be submitted to the Government in 2021; covers legal framework, restructuring and privatization, and other relevant issues.
- Reform applicability: (a) all SOEs; (b) private-public partnerships (PPP); and (c) other types of companies whose the shares owned by the Lao Government exceed 1% of the total shares.
- A list of current SOEs will be shared with the FPLD and a revised list of SOEs with financial data for the SOEs will be provided after the reform.

### Improvement of data accuracy and reconciliation
- Follow up with NTD and EFDMD on data sharing based on agreed data reporting template and data reconciliation.
- Continue work to identify causes of data discrepancies.
- Follow up on past commitments from EFDMD and NTD, especially from the September 2019 GFS TA mission on:
  - Detailed data on disbursements (by item and by disbursement amount) during the complementary period and annual data on social benefit payments.
  - All domestic/foreign financing data, especially on-lending to SOEs.

### Public sector debt statistics (PSDS) and arrears
- Responsible staff for quarterly PSDS: Ms. Manivone Phonhamath, Director of Debt Management Division, EFDMD (manivone2303@gmail.com); Mr. Douangdeth Sensathith, Debt Management Division, EFDMD (s_deth@mof.gov.la).
- EFDMD agreed with the FPLD in the November 2019 GFS TA mission on a revised template. EFDMD committed at the September/October 2020 remote GFS TA to compile quarterly PSDS from FY2019 data onwards according to the template.
- At a remote meeting on April 27, 2021, EFDMD expressed view that compilation of quarterly PSDS will be initiated in early 2022 or sooner if feasible, after on-going DMFAS system upgrade and training (basic and advance courses) for all staff are finished (to be expected in early 2022).
- EFDMD is planning to compile Q-PSDS from Q3 (Jul-Sep) 2022 in PSDS templates but is willing to start sooner using partially available data.
- Public Debt Bulletin for FY2019 and FY 2020 was posted on the MOF website (May 23, 2021).

- Arrears:
  - EFDMD: There are no arrears for repayment on external borrowings by the Lao government, except the delay in repayment due to technical reason. It will be followed up in the next GFS/PSDS TA.
  - Data and information on arrears held by EDL and other SOEs, if applicable, will be shared with the FPLD.
  - Arrears data collection of Lao Government and SOEs according to the data template is an ongoing task.

### COVID-19 response and fiscal measures
- Fiscal measures for COVID-19 pandemic response included in a revised budget for FY2020 (Jan-Dec) are being implemented by an Interministerial Committee comprising relevant ministries.
- Annual budget for FY2022 including Covid-19 component is being drafted and is expected to be submitted to National Assembly in Oct/Nov 2021.
- A Presidential Decree or a Ministerial Decree for fiscal measures including those for Covid-19 pandemic is also being prepared.
- Expenditure measures for Covid-19 response will be financed from Reserve fund (State accumulation fund etc.), external grants and domestic grants (from companies and individual persons).
- Future GFS/PSDS remote TA will discuss:
  - A Decree will be provided to the GFS/PSDS TA once it is submitted to the Prime Minister's Office and detailed fiscal measures for FY2021 and FY2022 (especially on Covid-19 response) will be examined.
  - The way to collect Covid-19 spending data, coordinating with relevant departments including the Budget Department to collect data for Covid-19 related spending in the current reporting system.
  - If not possible to collect detailed data from current reporting system, coordinate further.

### Other issues and coordination
- Strengthening coordination with the CDOT PFM advisor: FPLD will actively work with Treasury Department and other MOF departments in building the IFMIS system that includes GFSM and COFOG classifications for automation of fiscal reporting, supported by the CDOT’s GFS and PFM LTXs through their better coordination.
- On-going work by the COA Technical working group of the MOF on chart of accounts (COA) development under the WB project and the COA Modernization Project by the CDOT PFM team, joined by the LTX.
- Foreign financed capital expenditure: discuss further with the Ministry of Planning and Investment to collect detailed capital expenditure data based on economic classification for GFS compilation, by coordinating with the CDOT PFM advisor in their on-going work on development of the Chart of Accounts.
- A workshop for parliamentarians proposed (Nov 2019 GFS TA mission): one day course, possible participants 40-50 persons: NA (5-10), State Audit, MOF (1-2 from relevant departments) and line ministries (Energy, mining, agriculture etc. responsible for some government funds not included in Lao national budget); agenda: GFS (source data/reporting, data classification and summary framework) and PFM work for Lao PDR. To be clarified by the FPLD.

*Source: 1laoea2021001 - 1. Continuing compilation of quarterly and annual GFS on a timely basis with improved*

### Appendix III. Quarterly GFS for Budgetary Central Government

### Appendix III. Quarterly GFS for Budgetary Central Government

### Revenue and Composition
- Revenue:
  - 12,977,737.7
  - 13,500,236.0
  - 18,260,895.1
  - 18,969,665.0
  - 23,340,322.2
  - 23,698,788.6
  - 20,716,322.2
  - 22,573,209.4
  - 24,788,875.6
  - 25,305,154.9
  - 24,035,543.5
- Taxes:
  - 8,021,306.2
  - 9,737,889.7
  - 11,109,645.2
  - 13,484,505.7
  - 14,906,614.0
  - 16,348,708.8
  - 16,659,875.3
  - 17,184,418.3
  - 17,894,439.8
  - 18,614,159.1
  - 16,158,421.1
- Grants:
  - 3,930,640.7
  - 2,970,107.0
  - 5,800,275.9
  - 3,689,192.9
  - 5,947,059.4
  - 4,618,346.3
  - 1,748,950.7
  - 2,197,063.4
  - 2,929,309.6
  - 2,632,186.0
  - 2,565,283.1
- Other revenue:
  - 1,025,790.8
  - 792,239.3
  - 1,350,974.0
  - 1,795,966.4
  - 2,486,648.8
  - 2,731,733.5
  - 2,307,496.3
  - 3,191,727.7
  - 3,965,126.2
  - 4,058,809.8
  - 3,122,045.7

### Expense and Composition
- Expense (total):
  - 6,689,154.4
  - 7,741,870.4
  - 10,367,889.4
  - 15,575,732.3
  - 16,325,418.0
  - 17,813,207.9
  - 19,733,765.9
  - 17,173,524.6
  - 18,667,485.4
  - 19,926,849.7
  - 19,747,442.7
- Compensation of employees:
  - 2,738,997.7
  - 3,306,794.9
  - 5,388,317.2
  - 8,313,739.3
  - 8,683,045.5
  - 8,988,421.5
  - 9,461,860.6
  - 9,806,955.0
  - 10,183,990.2
  - 10,345,782.0
  - 10,821,535.2
- Use of goods and services:
  - 2,087,109.0
  - 2,039,913.8
  - 2,303,114.3
  - 4,134,382.8
  - 4,351,940.7
  - 5,159,072.2
  - 5,850,345.9
  - 2,757,425.0
  - 2,928,898.8
  - 3,141,397.0
  - 2,882,304.7
- Interest:
  - 420,119.0
  - 492,042.2
  - 646,570.1
  - 907,853.8
  - 947,604.7
  - 1,178,219.7
  - 1,584,154.8
  - 1,947,381.2
  - 2,596,764.6
  - 2,868,322.6
  - 2,609,480.1
- Subsidies:
  - 699,645.6
  - 864,223.1
  - 1,076,044.0
  - 970,266.5
  - 1,177,822.0
  - 1,146,375.2
  - 1,424,157.0
  - 1,211,525.0
  - 1,309,987.0
  - 1,619,917.8
  - 1,562,713.9
- Grants (expense):
  - 18,532.5
  - 28,861.7
  - 26,970.7
  - 22,063.8
  - 25,098.1
  - 32,453.3
  - 39,079.7
  - 36,392.4
  - 38,929.1
  - 42,941.4
  - 48,530.4
- Other expense:
  - 724,750.7
  - 1,010,034.7
  - 926,873.1
  - 1,227,426.0
  - 1,139,907.0
  - 1,308,666.0
  - 1,374,167.9
  - 1,413,846.0
  - 1,608,915.6
  - 1,908,489.0
  - 1,822,878.5

### Operating and Capital Transactions
- Gross operating balance (GOB) (1‐2+23+NOBz):
  - 6,288,583.3
  - 5,758,365.6
  - 7,893,005.7
  - 3,393,932.7
  - 7,014,904.3
  - 5,885,580.7
  - 982,556.4
  - 5,399,684.8
  - 4,847,397.3
  - 5,378,305.2
  - 2,098,307.2
- Acquisition of Nonfinancial Assets (31A / Fixed assets):
  - 7,103,083.4
  - 6,725,609.8
  - 9,671,453.5
  - 7,331,726.0
  - 10,512,944.6
  - 12,617,367.8
  - 7,803,339.0
  - 12,892,450.5
  - 12,803,168.0
  - 10,076,371.9
  - 11,122,555.5
- Disposal of Nonfinancial Assets (31B / Fixed assets):
  - 288,619.7
  - 257,842.8
  - 260,776.7
  - 244,990.2
  - 484,454.7
  - 421,755.7
  - 457,930.2
  - 87,435.2
  - 302,194.8
  - 257,278.2
  - 61,090.5
- Net Acquisition of Nonfinancial Assets (31):
  - 6,814,463.7
  - 6,467,767.0
  - 9,410,676.8
  - 7,086,735.8
  - 10,028,489.9
  - 12,195,612.1
  - 7,345,408.8
  - 12,805,015.2
  - 12,500,973.2
  - 9,819,093.7
  - 11,061,465.0

### Net Lending / Borrowing (NLB) and Financing
- Net lending/borrowing (1‐2+NOBz‐31) (NLB):
  - -525,880.4
  - -709,401.4
  - -1,517,671.1
  - -3,692,803.1
  - -3,013,585.6
  - -6,310,031.4
  - -6,362,852.5
  - -7,405,330.5
  - -7,653,575.9
  - -4,440,788.5
  - -8,963,157.8
- Net acquisition of financial assets (32):
  - 451,503.6
  - 1,631,975.1
  - -2,398,441.0
  - -25,668.7
  - 2,078,552.9
  - 1,079,053.9
  - -2,707,641.0
  - 1,077,098.4
  - -2,492,312.0
  - 981,119.3
  - -1,051,877.4
  - (Domestic component 321 matches the above series; Foreign 322 = 0.0 across listed periods)
- Net incurrence of liabilities (33):
  - 1,057,524.2
  - 1,436,266.3
  - 334,514.6
  - 812,132.2
  - 207,687.1
  - 2,905,544.6
  - -87,579.6
  - 8,308,660.4
  - 3,702,843.4
  - 4,262,354.5
  - 6,528,617.4
  - (Domestic component 331 and Foreign component 332 provided; example entries include 331: -53,067.0, 150,267.2, -504,307.7, -519,147.0, -371,751.0, -507,783.0, -1,510,582.8, 1,118,990.0, -523,444.0, 52,158.4, 3,377,392.0; 332: 1,110,591.2, 1,285,999.0, 838,822.3, 1,331,279.2, 579,438.1, 3,413,327.6, 1,423,003.2, 7,189,670.4, 4,226,287.4, 4,210,196.1, 3,151,225.4)

### Financing Discrepancy and Vertical Check
- Financing Discrepancy (A): {Vertical check: Difference between net lending/borrowing and financing (1‐2‐31=32‐33‐NLBz=0)}
  - -80,140.2
  - 905,110.2
  - -1,215,284.5
  - 2,855,002.2
  - 4,884,451.3
  - 4,483,540.7
  - 3,742,791.0
  - 173,768.5
  - 1,458,420.5
  - 1,159,553.3
  - 1,382,663.0
- Fiscal data discrepancies (in term of GDP) ((A)/(B)):
  - -0.1%
  - 1.3%
  - -1.5%
  - 3.0%
  - 4.6%
  - 3.8%
  - 2.9%
  - 0.1%
  - 1.0%
  - 0.7%
  - 0.8%

### Nominal GDP (Lao data)
- Nominal GDP (B):
  - 60,833,491
  - 71,620,836
  - 81,609,860
  - 93,867,574
  - 106,797,294
  - 117,251,584
  - 129,279,119
  - 140,749,000.0
  - 152,414,000.0
  - 164,017,000.0
  - 177,780,000.0

*Source: Appendix III. Quarterly GFS for Budgetary Central Government (in millions of Kip).*

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_Source: https://www.imf.org/-/media/files/publications/cr/2021/english/1laoea2021001.pdf_