(KPL) Prime Minister Sonexay Siphandone has called on the Ministry of Planning and Investment to attach attention to continue to fulfil targets set forth in the 9th five-year National Socio-economic Development Plan by 2025 and the annual national socio-economic development plan for 2024.

Addressing a meeting to commemorate the 48th anniversary of the MPI in Vientiane on Feb 20 (Feb 20, 1976-2024), Prime Minister Sonexay called on the sector to focus on improving the management of state investment budget through modifying mechanisms, legal instruments and exploring more sustainable sources of taxes and revenues and accelerate the modernization of revenue collection while promoting thrifty and anti extravagant lifestyles and improving the supervision of state investment projects.

He asked the ministry to cooperate with relevant authorities to implement the two national agendas and other pressing economic and financial issues to address inflation, rising consumer prices, rising exchange rates and public debts.

He highly valued the achievements made by the Ministry of Planning and Investment over the past 48 years.

The ministry was asked to work with relevant sectors to play an active role in preventing public debts from further happening, especially through making sure the state investment is based on the government’s priorities, and increase state investment effectiveness.

He urged the ministry to play a central role in working with relevant sectors and authorities to inspect the state investment projects which have been approved by the National Assembly and abolish or suspend those that are yet to be implemented or just have some of their activities implemented.

PM instructed the ministry to continue to create more favourable conditions for foreign investment, make sure major projects are implemented as planned, and work with relevant authorities at central and local levels to accelerate the review of efforts made to address economic and financial difficulties of the country.

He also urged the Lao Statistics Bureau to contemplate on devising a strategy on the promotion of high quality investment in the new era in line with the government’s sustainable development and green growth trends, and promote Public Private Partnership (PPP) in a concrete manner.

KPL