VIENTIANE, Oct. 30 (Xinhua) -- The Lao People's Revolutionary Party (LPRP) Central Committee has resolved action to adopt stronger measures to rein in inflation and stabilize the value of the Lao currency kip to ease the impacts on the public.
The Party's 11th Central Committee adopted the resolution at its seventh session, which took place in Lao capital Vientiane on Oct. 23 to 26, Lao national Television reported on Monday.
Chaired by the Party General Secretary Thongloun Sisoulith, the meeting agreed on measures not only to tackle economic challenges but also to push for speedier recovery from the flooding that occurred in many parts of the country this year.
The sectors concerned were instructed to formulate plans to deal with possible bushfires and to do more to promote agricultural production, in order to reduce imports of items that can be grown or produced in Laos.
The meeting also noted the complex changes taking place in the region and globally that are affecting the Lao economy.
Although Laos has suffered economic and financial distress over the past year, with high inflation, continuing depreciation of the kip, extreme weather events and drug trafficking reported across the country, the government has been able to sustain economic growth of 4.2 percent and prevent the country from being dragged into default.
Inflation trended downwards from the 41.26 percent figure recorded in February to 25.69 percent in September, while the amount of revenue collected in some areas of the country exceeded the set target.
The relevant sectors were advised to place a stronger emphasis on rural development and poverty reduction, as well as raise the standard of education and health services, create more jobs, and ease social problems.
The Party's Central Committee instructed the sectors responsible to be fully prepared for important events taking place in Laos in 2024, including the ASEAN Summit and the Visit Laos Year 2024 tourism promotion campaign, according to the report. ■
