PM gives advice to spur development in Savannakhet

The Prime Minister has advised Savannakhet authorities on practical ways to address the province’s chronic financial problems.

Prime Minister Sonexay Siphandone speaks at a meeting with Savannakhet authorities.

Prime Minister Sonexay Siphandone gave the advice during a meeting with the Governor of Savannakhet province, Mr Bounchom Ubonpaseuth, last week, with the leaders and staff of provincial and district government agencies also in attendance.
The premier advised taking decisive steps to lower inflation and high currency exchange rates, rein in the spiralling price of goods, and pay off foreign debts.
This should be accomplished by keeping the inflation rate below 20 percent, curbing fluctuations in currency exchange rates, and ensuring sufficient foreign currency reserves to pay for five months of imports.
Not less than 70 percent of foreign currency earnings from exports should enter the Lao banking system, Dr Sonexay said, while the price of food and non-alcoholic beverages should be maintained at a stable rate.
It was also essential to ensure that enough capital was available to pay off foreign debts as stipulated in loan agreements, he added.
The prime minister suggested that the provincial governing body continue to push forward with the formulation and implementation of effective work plans.
These should focus on the production of agricultural goods on a commercial basis so that more goods are produced in Laos as a substitute for imports.
Value should be added to goods destined for export through more sophisticated processing so that they bring in more income, and fewer raw materials should be exported, he advised.
In addition, land should be allocated for the cultivation of specific crops, and farmer production groups should be strengthened and reformed as cooperatives.
All companies that import and/or export goods should be registered and the number of importers should be reduced by 20 percent, while as many cost cutting measures as possible should be introduced.
Savings should be made on energy and administrative expenses, various services and official overseas visits, as well as reducing foreign currency expenditure through the greater use of kip.
The prime minister also advised officials to tackle employment problems and improve workers’ job skills so they are employable.
Also addressing the meeting, Mr Bounchom reported on achievements made under the province’s current socio-economic development plan and the plan of work for the rest of this year.
Gross Domestic Product (GDP) grew by an average of 5.63 percent (US$6,440) over each of the last six months up to September 10, while the province’s total income reached 3,191 billion kip, equal to 109.10 percent of the target figure for the year.
Farmers have adapted 167 hectares of fields for the use of machinery, in the hope that mechanised farming will produce larger yields.
Provincial authorities have instructed the relevant parties to carry out a survey on land allocation in three types of forested areas. This involves 117 villages, of which 25 villages are still to be surveyed by the end of 2024.
Authorities have also encouraged greater production of rice, beef, pork, chicken, eggs, fish and vegetables in order to lower imports of these food staples, which would bring down the cost of household essentials.
In the education sector, the province is short of 596 teachers to fill 1,638 classrooms, while numerous other problems are hindering the improvement of education.

By Times Reporters
 (Latest Update September 17, 2024)