Govt Vows to Get a Grip on Public Debt

Prime Minister Phankham Viphavanh Gives Speech on Covid-19
PM Phankham Viphavanh

A two-day cabinet meeting was held last week where the government promised to tackle concerns about the increasing public debt of the country which could make it default on loan payments.

According to a report in Vientiane Times, concerned sectors were asked to bring the soaring currency exchange rates under control, reduce inflation, and minimize the effect of the economy on the general public.

Helmed by Prime Minister Phankham Viphavanh and attended by cabinet members, responsible entities were asked to address concerns about the debts amassed by state-owned enterprises and avoid the accumulation of unnecessary debt.

The responsible departments were also instructed to improve the efficiency of state-funded development projects and better the investment climate of the country which would lead to business growth.

Government Spokesperson Mrs. Thippakone Chanthavongsa said in a press conference that authorities should insist on the completion of foreign-funded development projects approved by the government. A careful inspection and execution of contracts signed by foreign investors would ensure more foreign currency enters Laos.

There was also discussion about relevant bodies working on improving the rail services of the country so that it benefits the tourism sector. And the government would also look at providing relief support to areas of the country that are affected by floods. Concerned authorities were urged to work on repairing damaged roads, bridges, and irrigation systems as well.

Among several other topics, the government highlighted the issue of unemployment and that more people would receive suitable vocational training to meet the demands of the job market.