Laos govt vows to tackle fuel shortage, weak kip and rising debts


  • Laos
  • Wednesday, 01 Jun 2022

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VIENTIANE, June 1 (Vientiane Times/ANN): The government has pledged to take stronger action to manage currency exchange rates and address the fuel shortage and the debts owed to private companies and foreign countries.

The pledge is part of the government’s continuing efforts to fulfil the goals of the two national agendas, which seek to ease the country’s economic and financial difficulties and curb drug trafficking.

The cabinet’s monthly meeting held in Vientiane recently agreed on the steps to be taken to deal with these challenges, particularly those relating to the depreciation of the kip and spiralling inflation.

The meeting was chaired by Prime Minister Phankham Viphavanh and attended by cabinet members.

The meeting agreed to source more investment from the private sector in Laos and other countries and to further push for mega development projects to progress as planned. These moves are aimed at boosting economic growth and creating more jobs.

The government also pledged to collect more revenue to swell its coffers while reining in spending and stabilising currency exchange rates.

The sectors responsible were told to boost the production of goods for export and to do more to regulate the price of products on sale in markets. It was also stressed that pilot excavations undertaken by mining companies must comply with Lao law.

In addition, members of the public were again advised to comply with the rules and measures imposed to contain the spread of Covid-19, to prevent further outbreaks.

The meeting also agreed that the sectors responsible should take stock of events taking place around the world and how they could impact Laos.

The meeting heard that the Party and government are pursuing a steadfast foreign policy that is conducive to Laos’ development and international cooperation.

Cabinet members endorsed the government’s report that will be presented at the upcoming session of the National Assembly.

The meeting agreed in principle with a draft decree on the resolution of issues relating to unexploded ordnance.

In addition, the meeting endorsed a national action plan to strengthen the protection of children in Laos.

The meeting also adopted a decree on the promotion of the school feeding programme. - Vientiane Times/ANN

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Laos , Vientiane , Govt , Tackle , Many Issues

   

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