Prime Minister of Laos Appoints Taskforce to Address Economic Problems

Laos Prime Minister's Office
The Prime Minister's Office.

The Prime Minister of Laos has formed a special taskforce to address the country’s economic problems and resolve an ongoing fuel crisis.

According to a notice issued yesterday, Prime Minister Phankham Viphavanh has appointed eight senior officials to the taskforce. 

The group includes the Deputy Prime Minister, as well as the Minister of Industry and Commerce, Governor of the Bank of the Lao PDR, Head of the Office of the Party Central Committee, Deputy Head of the Government Inspection Agency, Chief of the Police Department under Ministry of Public Security, and the President of the Lao Fuel and Gas Association.

The Taskforce will be responsible for instituting measures to ensure the uninterrupted flow of fuel into the country to meet demand, as well as ensuring fuel prices are determined in a timely manner and in accordance with global market fluctuation. 

At the same time, Taskforce members will be expected to set measures for the provision of foreign currency, manage exchange rates, and resolve ongoing problems with currency exchange traders to ensure macroeconomic stability.

ໍMeanwhile, the Taskforce is to work closely with authorities to monitor currency manipulation on the part of bad actors, or those that deliberately attempt to destabilize the economy.