Gov’t to step up efforts to address economic, inflation issues

13/06/2024 20:41
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KPL (KPL) Minister of Planning and Investment Phet Phomphiphack has said that the government will seek ways to address economic difficulties and inflation as well as trade and investment issues.

Minister of Planning and Investment Phet Phomphiphack

(KPL) Minister of Planning and Investment Phet Phomphiphack has said that the government will seek ways to address economic difficulties and inflation as well as trade and investment issues.

“In order to strike a balance between economic growth and inflation, the government will focus on promoting investment and domestic production while addressing the problems of inflation and depreciation of the kip (Lao national currency),” Mr. Phet Phomphipack told the 7th Ordinary Session of the National Assembly on Jun 13. 

 “To achieve an economic growth as stated in the plan for the second half of the year, we will focus on translating Politburo’s Resolution 04 on building an independent and self-reliant economy in the new era into detailed actions thus getting a rapid success; easing inflation pressures and exchange rates by imposing certain and implementable measures to control goods prices to ensure that purchasing power and production costs will not be severely affected; and implementing the decree on thriftiness and anti-extravagance,” said the minister.

The government will focus its investment on projects that yield quick returns including those on commercial production and services, and employment, mainly in tourism, transport and processing industries. The government will impose urgent intervention measures to address labour shortage through working with relevant authorities to disseminate and provide information on employment opportunities available in the country and abroad while determining appropriate fees for money remittances.

“In order to meet the needs of socio-economic development in the new era, the Ministry of Planning and Investment has made efforts to create environment conducive to the promotion of domestic and foreign investment in various fields, including by approving the law on investment promotion and developing a mechanism that can ensure proper, prompt and transparent consideration and approval for investment projects,” added the Minister.

KPL

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