(KPL) President has called on the entire Party, state, armed forces, and all Lao people to focus on resolving the economic and financial difficulties the country is facing, promote unity, and to consider the Party’s resolution on Independent and Self reliant Economy as a guiding principle.

In the first Open Government Meeting of 2024, Party General Secretary and State President Thongloun Sisoulith gave a guidance talk to government officials amidst a complex international and domestic environment.

The meeting was convened against a backdrop of global instability and economic challenges. Internationally, the world is experiencing political, economic, and financial upheaval. Domestically, the Lao PDR is facing severe economic and financial difficulties, which have become a significant concern for both the government and the people.

The fluctuating exchange rates, depreciation of the Lao kip, inflation, and rising cost of living are primary issues that have led to increased prices for goods and services. This has put immense pressure on the government as it is striving to maintain stability and address these pressing issues.

Government's Response and Strategies

President Sisoulith emphasized the importance of the government's swift and effective response to these challenges. He highlighted that although this was a regular meeting, the timing and urgency of the current situation required thorough discussions and decisive actions.

“The government must seek solutions, establish accurate measures, and implement them with diligence and accountability,” said President Thongloun Sisoulith.

The meeting's agenda included brainstorming and exploring solutions to the nation's problems, setting priorities, and ensuring the coordinated efforts of various sectors and local authorities. The President called for high responsibility and relentless effort to address the pressing issues.

Recognition of Efforts and Achievements

President Sisoulith commended the government's efforts and achievements, as well as the support from the Lao People's Revolutionary Party, various political organizations, and the Lao people. Despite the difficulties, significant progress has been made in several areas, such as production, services, revenue collection, and debt management.

The country's economic growth rate in the first six months reached 4.7%, demonstrating resilience and potential for further improvement. These positive signals constitute a foundation for continuing the government's plans and addressing the remaining challenges.

Focus on Key Issues

One of the most pressing issues discussed was the poor management of exchange rates between hard currencies and the Lao kip which had led to constant depreciation of the national currency. The fluctuating value of the currency has led to increased financial instability, impacting the overall economy. The Central Party Committee has identified this as a critical issue that requires immediate attention and comprehensive solutions.

KPL