Laos To Take Tougher Actions To Address Urgent Issues

(MENAFN- IANS) Vientiane, Dec 13 (IANS) Laos' National Assembly (NA)'s ninth legislature has closed its eighth ordinary session, with the government instructed to take tougher action to address public debt, high inflation, spiraling costs, and fluctuating currency exchange rates.

The session passed resolutions aimed at bolstering political stability, maintaining social order, fostering economic growth, and promoting inclusive development across ethnic communities, Lao national TV reported on Friday.

The meeting approved reports on the implementation of the 2024 economic-social development plan, state budget, monetary policy, and the 2025 action plan, Xinhua news agency reported.

The session urged the government to address inflation, stabilize exchange rates, and regulate commodity prices. It also called for increased state investment in cultural and social sectors, with an emphasis on workforce development, healthcare improvements, and expanded social security coverage.

To boost tourism and generate national income, the assembly emphasized the importance of upgrading infrastructure, including roads and facilities in key tourist destinations.

The Laos government anticipates that the gross domestic product (GDP) will grow by 4.6 per cent in 2024, surpassing the National Assembly's approved target of 4.5 per cent.

This growth is expected to be driven by the services, transportation, and wholesale and retail sectors.

Last month, a training programme themed 'Improvement of Connectivity and Promotion of Local Industry' was held in Vientiane to strengthen connectivity and promote local industries.

The training course was designed to promote a deeper understanding of strategies that can be used to address critical challenges confronting the Lao economy, Lao Economic Daily.

Several topics were discussed during the training sessions, including the economic landscape of Laos before and after the Covid-19 pandemic, the evolution and progress of special economic zones, strategies for promoting foreign direct investment and enhancing connectivity, and advancing the development of local industries.

Additionally, participants focused on addressing macroeconomic challenges, including foreign reserves, inflation, and pressures on the exchange rate.

MENAFN13122024000231011071ID1108989862