Laos to Implement Stricter Measures to Tackle Critical Issues
Click to start listening
Vientiane, Dec 13 (NationPress) The ninth legislature of Laos' National Assembly (NA) has wrapped up its eighth ordinary session, with a directive for the government to take more stringent measures to tackle public debt, high inflation, escalating costs, and volatile currency exchange rates.
The session adopted resolutions aimed at enhancing political stability, maintaining social order, encouraging economic growth, and fostering inclusive development across various ethnic communities, as reported by Lao national TV this past Friday.
The assembly approved reports concerning the execution of the 2024 economic-social development plan, state budget, monetary policy, and the 2025 action plan, according to Xinhua news agency.
The session urged the government to tackle inflation, stabilize exchange rates, and control commodity prices. It also called for enhanced state investment in cultural and social sectors, focusing on workforce development, healthcare enhancements, and the expansion of social security coverage.
To stimulate tourism and increase national income, the assembly highlighted the need for upgrading infrastructure, including roads and facilities in key tourist areas.
The Laos government forecasts a 4.6 percent growth in gross domestic product (GDP) for 2024, exceeding the National Assembly's approved target of 4.5 percent.
This growth is anticipated to stem from the services, transportation, and wholesale and retail sectors.
Last month, a training program titled 'Improvement of Connectivity and Promotion of Local Industry' took place in Vientiane, aimed at enhancing connectivity and supporting local industries.
The training course was structured to deepen understanding of strategies that can effectively address the critical challenges faced by the Lao economy, as per Lao Economic Daily.
Numerous topics were explored during the training sessions, such as the economic landscape of Laos before and after the Covid-19 pandemic, the evolution and progress of special economic zones, strategies for boosting foreign direct investment, enhancing connectivity, and advancing the development of local industries.
Additionally, participants concentrated on tackling macroeconomic challenges, including foreign reserves, inflation, and pressures on the exchange rate.
