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, reportedthe Vientiane Times on November 1.
According to the newspaper,speaking at the opening of the National Assembly (NA)’s 6th session on October31, PM Sonexay said the government’s focus will be on enforcing promulgatedmeasures to address fragile, sensitive and fluctuating situations in relationto currency exchange and inflation rates, and costs.
These steps are aimed atcurbing 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 foreigndebts, and vowed to prevent Laos from sliding into default, despite the countryhaving high-level public and publicly-guaranteed debts.
Theleader also pledged to repay the debts owed by state enterprises and thegovernment will consider selling its stake in some hydropower projects.
Meanwhile,the government will seek new sources of finance to repay the debts owed bystate-funded development projects, so that local contractors have sufficientcapital to keep their businesses alive, he noted.
PM Sonexay emphasised that the government will maximise revenue collection by exploring new incomesources and modernising revenue collection in order to prevent leaks, so thatthe government has a larger budget from which to repay debts. Thegovernment will continue to cut spending, including on state vehicles and more.
Thegovernment will also continue to regulate the use of foreign currencies andensure these are circulated within the banking system in order to boost foreignexchange reserves, including continue to improve the business environment; improveand reform state enterprises with poor performance such as Electricite Du Laos,Nayobai (Policy) Bank, Lao Development Lottery State Enterprise, Lao Airlinesand others.
The government will promote production to reduceimports, continue to promote micro, small and medium enterprises, streamlinecross-border trade and procedures at dry ports and do more to attract foreigntourists./.
