Govt vows to prevent economy from sliding into crisis

The government cabinet and provincial governors have pledged to prevent the country’s economy from sliding into crisis by addressing critical financial and economic hardships in line with guidance given by President Thongloun Sisoulith.

Prime Minister Sonexay Siphandone addresses a meeting to discuss the country’s economic situation.

Addressing a meeting attended by cabinet members, governors, the Vientiane Mayor and heads of key state bodies and mass organisations on Monday, President Thongloun demanded action to promptly address the high inflation rate, the weak kip and rising costs.
The head of state, who is also Secretary General of the Lao People’s Revolutionary Party Central Committee, also underscored the need to address public and foreign debt.
The meeting resolved to “translate the guidance of the Secretary General and President into real works and realise them promptly”, Minister and Head of the Administration Office at the Prime Minister’s Office, Mr Buakhong Nammavong, said shortly after the meeting ended on Wednesday.     
Chaired by Prime Minister Sonexay Siphandone, the meeting instructed all state bodies to work harder in striving to meet the economic targets and development goals adopted by the recent ordinary session of the National Assembly.
Participants resolved to stay focused in addressing the shortcomings and barriers hindering social and economic development so as to maintain political stability, social security and order, and set in motion conditions conducive for steady economic growth.
To track progress, the meeting stressed the need for regular follow ups and monitoring and for findings to be reported to the government.
The meeting adopted in principle the outcomes of the recent nationwide meeting of local administration bodies.
Looking ahead, the meeting recommended amending the local administration law, improving the organisation of local administrations, and addressing the issue of provincial borderlines.
Authorities in charge were told to clearly define the roles and functions of city and municipalities and distinguish them from those of districts. Legislation will also be formulated as a reference to facilitate the government’s plan to create cluster villages.

By Times Reporters
 (Latest Update July 18, 2024)