Laos Prime Minister Xaysomphone Phomvihane delivers the opening remarks at the National Assembly's 6th session. (Photo: vientianetimes.org.la) Vientiane (VNA) – Lao Prime Minister Sonexay Siphandone has pledged to continue enforcing measures to stabilise macroeconomy and prevent Laos from falling into a crisis, reported the Vientiane Times on November 1.
According to the newspaper, speaking at the opening of the National Assembly (NA)’s 6th session on October 31, PM Sonexay said the government’s focus will be on enforcing promulgated measures to address fragile, sensitive and fluctuating situations in relation to currency exchange and inflation rates, and costs.
These steps are aimed at curbing rising inflation rates and stabilising prices and the cost of living, he added.
The newspaper also said that PM Sonexay assured legislators that debts will continue to be serviced, especially foreign debts, and vowed to prevent Laos from sliding into default, despite the country having high-level public and publicly-guaranteed debts.
The leader also pledged to repay the debts owed by state enterprises and the government will consider selling its stake in some hydropower projects.
Meanwhile, the government will seek new sources of finance to repay the debts owed by state-funded development projects, so that local contractors have sufficient capital to keep their businesses alive, he noted.
PM Sonexay emphasised that the government will maximise revenue collection by exploring new income sources and modernising revenue collection in order to prevent leaks, so that the government has a larger budget from which to repay debts. The government will continue to cut spending, including on state vehicles and more.
The government will also continue to regulate the use of foreign currencies and ensure these are circulated within the banking system in order to boost foreign exchange reserves, including continue to improve the business environment; improve and reform state enterprises with poor performance such as Electricite Du Laos, Nayobai (Policy) Bank, Lao Development Lottery State Enterprise, Lao Airlines and others.
The government will promote production to reduce imports, continue to promote micro, small and medium enterprises, streamline cross-border trade and procedures at dry ports and do more to attract foreign tourists./.
