Vientiane (VNA) – The Lao Government will make efforts to stabilise the economy, finance and currency in order to prevent a crisis, Prime Minister Phankham Viphavanh said at the opening of the 9th National Assembly’s third session on June 13.

The PM presented to the NA a report on the implementation of the socio-economic development, budget and currency plans over the first half of this year and plans for the remaining six months.

He said the Government will continue to carry out working agenda, including an 11-point work plan, to achieve development targets set for 2022.

According to the PM, the Government will speed up efforts to resolve the fragility of the macro-economy and normalise the situation, with close attention paid to managing currency exchange rates, the price of consumer goods, and inflation.

He went on to say that focus will be placed on supplying sufficient fuel through various measures.

PM Phankham also pledged to act to increase budget revenue while also encouraging austerity, such as reducing spending on state vehicles.   

The Lao PM made the remarks at a time when inflation in Laos last month hit 12.8 percent, the highest level recorded in 18 years. Factors that drive inflation include the fuel crisis and the continuing depreciation of the Lao currency./.