VIENTIANE, June 14 (Xinhua) -- The Lao government will strive to stabilize the economy, financial situation and currency in order to prevent a crisis, Lao Prime Minister Phankham Viphavanh told the National Assembly (NA) at the start of its 3rd ordinary session which kicked off in the capital Vientiane on Monday.
At the session, the NA President Xaysomphone Phomvihane delivered the opening remarks, giving the floor to the government to present a report on the progress made in implementing the socio-economic development, budget and currency plans over the first half of this year.
Prime Minister Phankham said an 11-point work plan has been devised to support the achievement of the development targets set for 2022.
"The government will speed up efforts to resolve the fragility of the macro-economy and normalize the situation," local daily Vientiane Times quoted the prime minister as saying.
Close attention will be paid to managing currency exchange rates, the price of consumer goods, and inflation, to ensure these issues are manageable, the prime minister said.
The prime minister's remarks came as inflation in the Southeast Asian country last month hit the highest level recorded in 18 years. The price of goods was up by 12.8 percent compared to a year ago, according to the latest report from the Lao Statistics Bureau.
The fuel crisis, with petrol stations across the country running dry, and the continuing depreciation of the kip, are among the main factors driving inflation.
"Meanwhile, focus will be placed on supplying sufficient fuel through various measures," Phankham said, adding that immediate and longer-term market-oriented measures will be employed, "These are urgent issues that require the government to increase its responsibility and vigilance."
He pledged action to maximize revenue collection including by plugging loopholes that cause loss of revenue, while also encouraging austerity, such as reduced spending on state vehicles.
Lao President Thongloun Sisoulith, members of the cabinet, retired leaders and members of the NA were present on the first day of the session, which will last till July 8. ■