Prime Minister Dr Sonexay Siphandone leads the government meeting on Friday.

 Govt to beef up efforts to address economic woes

The government will take further action to stabilise currency exchange rates and inflation, rein in rising prices, and foster trade and investment, in a bid to revive the economy and overcome the financial crisis.
The intention to more forcefully tackle the country’s continuing economic woes was made clear during the government’s monthly meeting on Friday, when a range of measures aimed at boosting economic growth were discussed.
The meeting, chaired by Prime Minister Dr Sonexay Siphandone, was attended by deputy prime ministers, members of government, the Mayor of Vientiane, provincial governors, and ministers, together with representatives of various state agencies.
Outlining the main points firmed up at the meeting, Deputy Minister and Deputy Head of the Prime Minister’s Office, Mrs Thipphakone Chanthavongsa, said more would be done to restore economic, financial and monetary stability, including ensuring that revenue collected in March is in line with the set target or exceeds the target.
The government’s monetary policy and efforts to improve currency exchange rates will be strengthened, together with attempts to regulate product prices and service charges, and to ensure a regular supply of fuel.
The government will declare 2023-2024 as Lao Tourism Year and make in-depth plans to welcome tourists. The meeting also discussed dry season agriculture, the transport of goods, tourism services, and the production of goods for domestic sale and export, with an emphasis on low production costs and a strong sale price. Attendees approved a summary of the government’s achievements in February and endorsed the plan of work for March.
Under the work plan for March, the government will continue to abide by its policy on national defence and peace protection.
The results of trade facilitation meetings will be followed up and preparations for the 14th Lao Business Forum will be made.
The relevant sectors will oversee and assist with dry season crop cultivation and take steps to mitigate the effects of drought and flooding.
Construction of roads and airports, and the repair of arterial highways, will take place according to the set plan.
There will be a stronger focus on improving passenger transport, especially on the Laos-China Railway, by simplifying travel and making the process more convenient. This will be done by streamlining the sale of tickets and improving conditions for passengers wishing to buy tickets or wait for trains at stations.
Finally, the government will step up efforts to address to the chronic labour shortage in order to meet the needs of development projects taking place across the country.

By Times Reporters
 (Latest Update February 27, 2023)