Former Prime Minister Bouasone Bouphavanh (centre) shares his views on economic issues at a meeting on Friday.

Former govt leaders offer solutions to Laos’ economic woes   

The government is seeking advice from former prime ministers, deputy prime ministers and high-ranking officials on ways to tackle Laos’ ongoing economic problems, especially the spiralling price of goods and other aspects of inflation.
A meeting of former government leaders to discuss possible solutions took place on Friday at the Lao Academy of Social and Economic Sciences, chaired by the academy’s President and Head of the government-formed Special Taskforce 83/PM, Dr Kongkeo Xaysongkham.
The speakers included former Prime Minister Bouasone Bouphavanh and Deputy Prime Minister and Finance Minister Somdy Duangdy. The meeting was attended by former high-ranking leaders of the Party and government together with researchers, scientists, other experts, and civil servants.
Former PM Bouasone referred to the lessons he learnt during the economic crisis more than two decades ago, when the inflation rate hit three digits, while other countries in the region were similarly affected.
“Our economic situation was even worse in the late 1990s, especially in 1997 when the tom yum kung crisis in Thailand led to a regional financial implosion, from which it took Laos a couple of years to fully recover,” he said.
He suggested several key steps to be put into immediate effect to ensure economic recovery, rebuild public confidence, resolve economic issues related to regaining public trust, and to stop opportunists from using social media to discredit the direction followed by the Party and government.
Mr Bouasone shared thoughtful and insightful opinions with attendees concerning lessons learnt from past experiences while he was in office, which covered a wide range of socio-economic development issues, trade and investment, and other fields.
Former Deputy PM and Finance Minister Somdy Duangdy also shared the benefits of his lengthy experience of economic and financial matters.
The Special Taskforce 83/PM was appointed by the government to investigate and determine corrective measures and to evaluate the results of steps taken so far to resolve the problem of rising commodity prices and general high inflation.
The taskforce previously organised two meetings to seek opinions on ways to lower prices, control currency exchange rates and address other economic issues.
The first meeting took place on August 2 when the taskforce held talks with business leaders about ways to reduce the cost of production of goods and services and minimise the use of foreign currencies in a bid to reduce the pressure on the value of the kip.
The second meeting on August 19 gathered former government leaders, experts, and the Governor of the Bank of the Lao PDR to discuss ways to rein in soaring prices and lower the inflation rate.
Through these meetings, the taskforce gained useful insights from business operators and former senior leaders of the Party and government.
The discussions were viewed as a valuable reference for the taskforce in its efforts to frame effective measures and policies to resolve the persistent financial problems facing the government, ease the hardship experienced by members of the public, and formulate a report for submission to the government.
The most recent meeting last week was another opportunity for the taskforce to assess appropriate measures and cconsider practical steps to revitalise the economy and restore growth.

By Times Reporters   
 (Latest Update September 2, 2024)