(KPL) Under the chairmanship of Phonevanh Outhavong, Deputy Minister of Planning and Investment and Ms. Sara Sekkenes, UN Resident Coordinator to the Lao PDR, a High-Level Structured Dialogue was convened to validate the final draft of the Financing Strategy for the 9th  National Socio-Economic Development Plan (NSEDP) 2021-2025.

After nearly two years of technical work and broad-based consultations, the event saw the presentation of policy objectives, actions and implementation arrangements as agreed among 10 ministries and 20 national institutions to address the Lao PDR’s financing constraints and increase investment needed to support the achievement of the national development priorities set out in the 9th NSEDP.

“The draft Financing Strategy is well aligned with the government’s directions for quality, focused, green and sustainable growth. We appreciate the partnership with the UN and all relevant sectors and development partners in a collaborative effort to help identify, understand and improve the flow of resources towards financing our national development priorities contained in the 9th NSEDP, including through measures instrumental to supporting the re-orientation of investments towards more sustainable development in line with the national plan,” said Deputy Minister of Planning and Investment, Ms  Phonevanh Outhavong.

“This is of significance considering the limited development finance, economic difficulties, and additional investments required to address our national agenda as we transition towards graduating from the Least Developed Country status in the near future,” said Ms  Phonevanh Outhavong.

Preparing for the 2022 Round Table Meeting, expected in late November, the dialogue allowed development partner representatives to share views and potential support for the Financing Strategy’s 54 policies and actions, and to cement partnerships for a successful implementation.

Ms. Sara Sekkenes, UN Resident Coordinator to the Lao PDR emphasised the necessity to invest in human capital and a greener growth, saying: “There are two considerable challenges that cannot afford to wait. The first one is safeguarding investments in human capital. The second challenge is to counter an existential threat of more global dimensions: the triple planetary crisis of climate change, nature loss, and pollution.” Adding that ”such courageous decisions may limit economic return in the short run but yield sustainable long-term growth to the benefit of future generations.

The Financing Strategy formulation was led by the Ministry of Planning and Investment, with broad technical assistance coordinated by the UN Resident Coordinator’s Office, including from the UN Joint Programme on Financing Efficiency funded by the Joint SDG Fund, implemented jointly by UNDP, UNCDF, and UNFPA, and with additional contributions from UNDESA, UNEP, UNICEF, UNODC, WHO as well as the World Bank, GGGI, Australia, Japan, EU, ADB, and JICA.

The Financing Strategy is expected to be endorsed by the Government of the Lao PDR by the end of this year.

KPL