The Lao People’s Revolutionary Party Central Committee has resolved to take immediate measures to address the country’s economic issues, including the fuel shortages, spiraling exchange rates, and rampant inflation.
Vientiane Times reports that the decision was approved by the 11th Party Central Committee at its fourth session, which took place in Vientiane from May 18 to 26.
The summit, presided over by Party Secretary-General Thongloun Sisoulith, decided on steps to address economic issues and assist people in dealing with an increasing cost of living.
The government was instructed to immediately work on stabilizing the macroeconomy, specifically currency exchange rates, strengthen tax collection, and reduce the red tape that is impeding investment development.
The country is also to try to boost domestic production in a bid to alleviate problems caused by overreliance on imports.
Meanwhile, the session also saw the promotion of electric vehicles, while improvements to public transport were also discussed, as well as ways to attract tourism.
The Party Central Committee discussed the need to improve economic growth, reduce poverty, develop human resources, and promote investment, as well as strengthen state powers and ensure transparency among government bodies.
Laos has been plagued by fuel shortages in recent weeks as importers struggled with a depreciating local currency and low foreign currency reserves.
At the same time, inflation is on the rise and the cost of living has seen continued increases.