The Bank of the Lao PDR (BOL) and the Ministry of Finance signed a memorandum of understanding (MOU) on Monday to improve cooperation between the two organizations.
The bilateral meeting, co-chaired by Mr. Bounleua Sinxayvoravong, Governor of BOL, and Mr. Santiphap Phomvihane, Minister of Finance, discussed progress made since their meeting in November last year.
The two parties agreed to further cooperate in improving mechanisms for managing imports of luxury goods, collecting revenue in foreign currency, debt settlement and reviewing legislation related to monetary and financial management.
Both sides also agreed to appoint a committee to research and determine the list of imported goods, amend relevant laws, and manage cash flowing in and out of Laos before signing the MOU to solidify this cooperative effort.
The agreement was seen as a positive step towards a more fluid and focused financial and monetary management system in Laos. The cooperation mechanisms will ensure efficient management of state budget revenue, debt settlement, and foreign currency collection.