Laos to take stronger measures to spur economic growth

31/10/2023 11:01
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KPL (KPL\VNA) – The Lao People’s Revolutionary Party’s Central Committee has adopted a resolution on the implementation of stronger measures to rein in inflation and stabilise the Lao currency - the Kip.

(KPL\VNA) – The Lao People’s Revolutionary Party’s Central Committee has adopted a resolution on the implementation of stronger measures to rein in inflation and stabilise the Lao currency - the Kip.

During its seventh session, which took place from October 23-26, the 11th committee agreed on measures not only to tackle economic challenges but also to speed up the settlement of flood consequences, Vientiane Times reported.

Relevant sectors were asked to put forth plans to deal with possible wildfires and work harder to boost agricultural production in order to dent the import of items that can be grown or produced in the country.

The meeting also noted complex changes taking place in the region and globally that are affecting the Lao economy.

Although Laos has suffered economic and financial distress over the past year, with high inflation, the continuous depreciation of the Kip, and extreme weather events, the government has been able to sustain the economic growth at 4.2%.

The committee also asked concerned agencies to make thorough preparations for important events in Laos next year, including the ASEAN Summit and the Visit Laos Year tourism campaign.

KPL

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