Lao gov't urges action to address economic, financial difficulties-Xinhua

Lao gov't urges action to address economic, financial difficulties

Source: Xinhua

Editor: huaxia

2023-11-28 19:48:30

VIENTIANE, Nov. 28 (Xinhua) -- The Lao cabinet has instructed concerned sectors to handle urgent issues and to enforce measures to address the economic and financial difficulties facing the country.

During the Lao government's monthly meeting for November, many important issues were considered, including a rare earth token project to be piloted in Laos for the generation of more foreign currency, Lao News Agency reported on Tuesday.

To avoid economic losses for the nation, economists suggested that it is essential to carry out a thorough study on the scheme, including market prospects and reviewing lessons learned from pilot mining operations over the years. One of the most important measures is to stabilize exchange rates, modernize the revenue collection system to boost the national income, and boost exports.

The government has been trying to make sure that export receipts are paid through the banking system in Laos to ensure more foreign currency enters Laos.

The government also reiterated the need to restrict the import of luxury items and goods that can be produced or manufactured domestically.

In addition, government sectors have been told to remove red tape and improve the business environment to attract more foreign investment.

Held in the Lao capital of Vientiane from Nov. 23 to Nov. 24, the monthly meeting was chaired by Lao Prime Minister Sonexay Siphandone and attended by cabinet members.