Party resolves action to address economic woes

The Lao People’s Revolutionary Party’s central committee has resolved action to urgently address economic difficulties, especially those relating to the fuel shortage, fluctuating currency exchange rates, and rising inflation.
The 11th Party Central Committee adopted the resolution at its fourth session, which took place in Vientiane from May 18-26.
Chaired by Party Secretary General Thongloun Sisoulith, the meeting agreed on measures to tackle economic challenges and help people deal with the rising cost of living.

The government was told to stabilise the macro-economy, especially currency exchange rates, strengthen revenue collection, and remove the red tape that is hindering the growth of investment. 
Government bodies were advised to promote investment in the production sector and to minimise the import of goods that can be produced in Laos.
The session also instructed the sectors concerned to promote the use of electric vehicles, and improve public transport to alleviate problems caused by the fuel shortage.
In addition, tourism facilities and services must be improved to attract more visitors to Laos following the reopening of the country on May 9.
The Party Central Committee stressed the need to unlock the country’s potential in order to boost economic growth and reduce poverty levels, develop human resources, and promote business operations as the key drivers of future growth.
The meeting heard that it was important to strengthen state powers and the transparency of government bodies in order to accelerate the development of Laos.
The Party Central Committee urged Party committees and Party members at all levels to uphold their role as leaders and act as role models in fulfilling all of the tasks assigned by the Party and government.
The Party also urged Lao people of all ethnicities to maintain a spirit of patriotism and harmonious unity, and to play an active role in national protection and development.
All people should focus on boosting the production of goods for their own consumption and for market sale, as well as participate in the country’s ongoing battle against the Covid-19 pandemic.
Lao authorities are struggling to regulate currency exchange rates and the price of food because many products are imported and must be purchased with currencies whose exchange rates are fluctuating.

By Somsack Pongkhao
 (Latest Update May 30, 2022)