Govt calls for effective economic strategies to counter global challenges

The government’s monthly meeting for May highlighted the importance of sound economic strategies to tackle internal challenges amid significant international and regional developments.

Dr Sonexay Siphandone leads the monthly government meeting for May.

The meeting was chaired by Prime Minister Sonexay Siphandone and was attended by deputy prime ministers, government members, and representatives of various ministries and agencies in person, with provincial leaders and other officials from Vientiane participating remotely.
In his opening remarks, the Prime Minister highlighted the complex issues affecting global economic recovery, such as conflicts and weather extremes, and their implications for Laos’ socio-economic development.
He stressed the urgency of addressing internal challenges such as rising commodity prices, fluctuating exchange rates, and inflation, which he said are affecting national security and development.
The month-on-month inflation rate last month was recorded at 1.6 percent, up from 1.33 percent in March, while the year-on-year inflation rate was at 24.98 percent in March, dropping to 24.92 percent in April.
At the same time, the Consumer Price Index soared from 218.83 in March to 222.34 in April, according to the latest report from the Lao Statistics Bureau.
The two-day meeting covers several topics, including a review of the key tasks to be undertaken in May and plans for June. The government will discuss a summary of completed tasks and strategic plans focusing on national defence, security, and international relations.
Participants will also discuss three draft decrees concerning measures to prevent forestry law violations; enhancement of labour inspections; and regulations around private education institutions.
The meeting will report on the readiness of the topics and content to be considered at the 7th ordinary session of the National Assembly, including economic and social development plans, state budget, and monetary policy for the first half of 2024 and future strategies.
In addition, the meeting will review the implementation of various mining investment projects and their alignment with the Vision for 2040 and the Strategy for Mining Development to 2030.
Progress towards rural development and poverty alleviation targets will be reported, along with the formulation and amendment of laws on medical plant resources, cooperatives, investment promotion, and tourism.
The Prime Minister called on all participants to provide in-depth comments and constructive feedback, proposing clear and targeted solutions to ensure effective implementation of the meeting’s objectives.

By Times Reporters
 (Latest Update May 24, 2024)