Govt, ADB launch new five-year partnership strategy for Laos

24/05/2024 14:37
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KPL (KPL) The Ministry of Planning and Investment and the Asian Development Bank (ADB) launched a new ADB's country partnership strategy for the Lao PDR, covering the period 2024-2028.

(KPL) The Ministry of Planning and Investment and the Asian Development Bank (ADB) launched a new ADB's country partnership strategy for the Lao PDR, covering the period 2024-2028.

The strategy aims to strengthen foundations for a more inclusive, sustainable, and resilient economy in the Lao PDR.

"The new country partnership strategy is aligned with the Lao PDR Government's National Socio-Economic Development Plan, 2020-2025," said Ms. Phonevanh Outhavong, Vice Minister of Planning and Investment.

"The partnership strategy is a key tool for the government and the ADB to cooperate in accelerating the Lao PDR's development progress to achieve commitments, including sustainable economic growth, enhancing environmental protection, and enhancing the wellbeing of Lao people by 2025 and beyond."

Under the new five-year strategy, ADB will closely collaborate with the Lao PDR government to promote sustainable public finance, enhance equitable access to services, and advance climate actions. The strategy is bolstered by crosscutting themes such as gender equality, improved governance and institutional capacity, stronger climate and disaster resilience, and more regional cooperation and integration.

"ADB's new country partnership strategy with the Lao PDR is designed to help the country navigate economic and financial challenges to build a more inclusive and sustainable growth, emphasizing the importance of macroeconomic stability, enhanced service delivery, and climate resilience as pillars of our cooperation," said Ms. Sonomi Tanaka, Country Director, ADB Lao Resident Mission.

The strategy introduces comprehensive measures to promote sustainable public finance, leveraging a mix of concessional lending, grants, technical assistance, and knowledge products.

The efforts aim to reinforce the government's capabilities in debt management, state-owned enterprise reform, and governance of public finances, thereby ensuring the effective and accountable use of public funds.

In advancing the Lao PDR's climate commitments, the strategy will provide significant investment and knowledge support across key sectors such as agriculture, natural resource management, pollution and waste management, and disaster risk management.

Emphasizing the importance of renewable energy, the strategy also seeks to boost non-sovereign investments in wind and solar energy to advance climate commitments in line with the country's nationally determined contribution under the Paris Agreement.

To improve equitable access to services, the strategy will focus on addressing gaps in healthcare and education, enhancing their quality, and promoting skills development. Initiatives aimed at bolstering health security, responding to food security challenges with nutrition-sensitive conditional cash transfers, and enhancing agribusiness value chain development are also key components of this comprehensive approach.

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