Lao Govt. Monthly Cabinet Meeting Tackles Economic Challenges

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Lao Government Cabinet Meeting Tackles Economic Challenges
Lao Prime Minister, Mr. Sonexay Siphandone during the government meeting (photo: Pathedlao)

The monthly government meeting for January was held this week and focused on grappling with the current economic crisis and rising inflation.

According to a news report, the meeting took place over two days and was chaired by Lao Prime Minister, Mr. Sonexay Siphandone along with other government officials and representatives from several ministries.

Throughout the meeting, Prime Minister Sonexay urged relevant agencies to come up with effective solutions to tackle the vulnerability of the macro-economy and improve the living conditions of people as the country has been subject to soaring inflation since 2022.

Laos’ inflation rate in January rose to 40.30 percent, marking the highest year-on-year inflation in 23 years.

The government spokesperson, Mrs. Thipphakone Chanthavongsa, stated during the meeting that the government will seek out more funds to settle its debt, assuring that Laos will never default on its loan payments.

The meeting then outlined the government priorities in February ranging from revenue collection to exploring new sources of income, and state spending management in all sectors.

According to KPL, the government also approved several draft decrees in the meeting, including setting up a vocational education development fund, human resources development, penalties against violators of rules on standardization and metrology, and duty-free zones and duty-free shops.

The meeting also saw cabinet members vowing to stay committed to improving services and expanding infrastructure, particularly road access to tourist attractions to accommodate the anticipated flurry of visitors.

Additionally, officials in the meeting acknowledged the significance of implementing legislation on state revenue leakage monitoring and prevention, promoting thriftiness and anti-extravagant lifestyles, and managing currency rates.