PM urges reform towards economic self-reliance in 2025

Prime Minister Sonexay Siphandone has called for stronger efforts to build an independent and self-reliant economy as a key pillar of Laos’ development in 2025.

Prime Minister Sonexay Siphandone chairs a meeting on Friday.

Speaking at a meeting in Vientiane on December 27 to review planning and financial affairs in 2024 and set directions for 2025, Dr Sonexay urged officials to improve the organisation of their offices and working methods, encourage professionalism, and strengthen fiscal discipline.
The meeting was attended by Minister of Planning and Investment Dr Phet Phomphiphak, Minister of Finance Mr Santiphab Phomvihane, provincial governors, and key officials from planning and finance departments across the country.
The two-day meeting summarised the progress made in implementing the 2024 national plan and outlined priorities for 2025. Discussions covered achievements, shortcomings, and lessons learned in areas such as planning, public and private investment, international cooperation, statistics, and budget evaluation.
Minister of Finance Santiphab Phomvihane reported that revenue collection had reached 116 percent of the target set for 2024 by December 24, representing a 41 percent increase compared to 2023.
He noted that the amount of revenue collected had exceeded the target for four consecutive years, reflecting improvements in budget management and economic resilience.
Prime Minister Sonexay highlighted priorities for 2025, including reform of the state investment process to focus on urgent, necessary, and socially beneficial projects.
He called for the modernisation of revenue collection systems, measures to  prevent the loss of monies owed to the government, wrongful use of the budget, and accelerated reform of state-owned enterprises.
To strengthen economic and financial stability, the Prime Minister urged the finance sector to address challenges related to investment, foreign currency liquidity, and exchange rates, which he said would boost investor confidence.
He also emphasised the importance of timely and realistic planning, and the need to improve the recording of statistics and foster innovation among employees.
The meeting outlined measures to improve coordination between ministries and local authorities in relation to budget expenditure, ensuring uniformity and effectiveness. Officials were tasked with formulating the 2025 state budget plan based on realistic socio-economic growth conditions and in-depth analysis.
Participants also discussed ways to attract more foreign investment and technical assistance, the management of special economic zones, and the systematic evaluation of investment projects.
The need for transparency and accountability in all aspects of planning and finance work was highlighted, with the aim of delivering higher-quality outcomes in the coming year.

By Times Reporters
 (Latest Update December 30, 2024)