Govt outlines practical economic measures, aligning with Party directions

The government is charting a series of actionable measures to address the critical priorities outlined by the Party Secretary General, alongside its strategic economic objectives for the upcoming months.

Prime Minister Sonexay Siphandone presides over the two-day government meeting from November 21-22.

These efforts include urgent tasks relating to personnel, such as ethics, accountability, and operational effectiveness, as stated by government spokesperson Mr Sonexay Sithphaxay during a press briefing on November 22.
Discussions at the meeting centred on improving mechanisms to enhance investment facilitation, stimulate tourism, and advance infrastructure development.
Resolutions were passed to confront pressing economic challenges in Laos, including inflation, foreign exchange volatility, and the repayment of foreign debt.
At the same time, new ways to optimise the revenue collection system and identify new revenue streams to ensure fiscal stability are being prioritised.
Draft laws, decrees, and proposed amendments to legislation considered at the meeting will now be submitted for consideration during the National Assembly’s 8th Ordinary Session.
The government has prepared responses as it expects to address the questions of Assembly members and move to finalise its strategic work plans for submission and approval.
Other initiatives raised include modernising payment systems through banking infrastructure, expediting inspections of improperly utilised imported vehicles, and removing barriers to speed up the completion of large-scale investment projects.
A robust focus is also being placed on enhancing dry-season agricultural production by expanding irrigation systems and having more fertiliser production to lower input costs.
Furthermore, the government is stressing its push to curb imports of locally producible goods, such as beer, other beverages, and food items, to reduce foreign currency outflows.
Moves to balance import-export dynamics and strengthen domestic production capabilities for export are also being explored.
The meeting concluded with a comprehensive review of the government’s 2024 achievements and the formulation of a forward-looking plan for 2025.
These efforts are hoped to demonstrate what the government believes is its commitment to addressing the country’s socioeconomic challenges with greater precision and effectiveness.

By Times Reporters
 (Latest Update November 25, 2024)