HEADLINE-INVESTMENT | VIENTIANE, Laos- Prime Minister Phankham Viphavanh (PM) to National Assembly (NA): Govt to stabilise economy, finance, currency to avert crisis

June 14, 2022June 14, 2022 Contributor 0 Comment currency to avert crisis, finance, HEADLINE-INVESTMENT | VIENTIANE, Laos- Prime Minister Phankham Viphavanh (PM) to National Assembly (NA): Govt to stabilise economy

The government will strive to stabilise the economy, financial situation, and currency in order to prevent a crisis, Prime Minister Phankham Viphavanh told Assembly members at the start of the National Assembly (NA)’s 3rd Ordinary Session which kicked off in Vientiane on Monday.

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President of the NA Dr Xaysomphone Phomvihane delivered the opening remarks, giving the floor to the government to present a report on the progress made in implementing the socio-economic development, budget and currency plans over the first half of this year, and the work plan for the last six months of the year.

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Meanwhile, the prime minister said the government would strive to attain the development agendas.

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An 11-point work plan has been devised to support achievement of the development targets set for 2022.

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“The government will speed up efforts to resolve the fragility of the macro-economy and normalise the situation,” he told Assembly members.

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President Thongloun Sisoulith, members of the cabinet, retired Party and state leaders and members of the NA attended the first day of the session, which continues until July 8.

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Close attention will be paid to managing currency exchange rates, the price of consumer goods, and inflation, to ensure these issues are manageable, the prime minister said.

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The premier’s comments come as inflation in Laos last month hit the highest level recorded in 18 years. The price of goods was up by 12.8 percent compared to a year ago, according to the latest report from the Lao Statistics Bureau.

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Laos currently has one of the highest inflation rates in Southeast Asia. The fuel crisis, with petrol stations across the country running dry, and the continuing depreciation of the kip, are among the main factors driving inflation.

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“Meanwhile, focus will be placed on supplying sufficient fuel through various measures,” PM Phankham said, adding that immediate and longer-term market-oriented measures will be employed.

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“These are urgent issues that require the government to increase its responsibility and vigilance.”

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He pledged action to maximise revenue collection including by plugging loopholes that cause loss of revenue, while also encouraging austerity, such as reduced spending on state vehicles.

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The PM said the government would push all relevant sectors to take action to fulfil the national agendas adopted to address economic and financial difficulties as well as the narcotic drug trade.

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In the coming days, Assembly members will debate and make decisions on issues such as the government’s report on the fulfilment of the two national agendas, Dr Xaysomphone said.

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Progress made in the reform of state-owned enterprises and future plans, as well as the implementation of the Green Travel Plan and the reopening of the country are also tabled for debate, along with improvements in the quality of teaching and learning at all levels of education.

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Lawmakers will also debate new laws and amendments to some regulations, including laws on Fine Arts, Dam Safety, Weapon and Explosive Management, State Property, Foreign Currency Management, and Promotion of Micro, Small and Medium Enterprises.