VIENTIANE, Nov. 1 (Xinhua) -- Lao Prime Minister Sonexay Siphandone has pledged continued efforts to enforce measures to stabilize the macroeconomy and prevent Laos falling into crisis.
"Our focus will be on enforcing promulgated measures to address fragile, sensitive and fluctuating situations in relation to currency exchange and inflation rates, and costs," Lao National Television on Wednesday quoted Sonexay as saying at the sixth ordinary session of the National Assembly's ninth legislature on Tuesday.
These steps are aimed at curbing rising inflation and stabilizing prices and the cost of living, the prime minister noted.
The National Assembly's ninth legislature kicked off its sixth ordinary session on Tuesday, with debates to center on economic, monetary and budgetary matters amid continuing economic hardship in the Southeast Asian country.
Sonexay assured assembly members that debt would continue to be serviced, especially foreign debt, and vowed to prevent Laos from sliding into default, despite the country having high-level public and publicly-guaranteed debt.
Pledging to repay the debts owed by state enterprises, Sonexay said the government would consider selling its stake in some hydropower projects.
Meanwhile, the government will seek new sources of finance to repay the debts owed by state-funded development projects, so that local contractors have sufficient capital to keep their businesses alive.
The government will also continue to regulate the use of foreign currencies and ensure these are circulated within the banking system in order to boost foreign exchange reserves.
In delivering the parliamentary session's opening remarks, Lao National Assembly President Xaysomphone Phomvihane said that the session, which will run until Nov. 21, will hear and debate the midterm review of the five-year national socio-economic development plan, the budget and monetary plans for 2021-2025, and plans for the remaining two and a half years.
Implementation of the 2023 socio-economic development plan, budget and monetary plans, and plans for 2024 will also be debated. Reports on implementation of the two national agendas for 2021-2023 will also be presented and debated.
Many state agencies are scheduled to present midterm reviews of their performances as they reach the half-way stage of their five-year development plans for 2021-2025. ■
