Vientiane (VNA) – The Lao Government will make efforts to stabilise theeconomy, finance and currency in order to prevent a crisis, Prime Minister Phankham Viphavanh said at the opening of the 9th National Assembly’s third session on June 13.

The PMpresented to the NA a report on the implementation of the socio-economic development, budget andcurrency plans over the first half of this year and plans for the remaining sixmonths.

He said the Government will continue to carry out working agenda, including an11-point work plan, to achieve development targets set for 2022.

Accordingto the PM, the Government will speed up efforts to resolve the fragility of themacro-economy and normalise the situation, with close attention paid tomanaging currency exchange rates, the price of consumer goods, and inflation.

He went on to say that focus will be placed on supplying sufficient fuelthrough various measures.

PM Phankham also pledged to act to increasebudget revenue while also encouragingausterity, such as reducing spending on state vehicles.   

The Lao PM made the remarks at atime when inflation in Laos last month hit 12.8 percent, the highest levelrecorded in 18 years. Factors that drive inflation include the fuel crisis andthe continuing depreciation of the Lao currency./.