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Lao PM reveals measures to boost economic growth

Xinhua, November 1, 2016 Adjust font size:

Lao Prime Minister (PM) Thongloun Sisoulith told the National Assembly (NA) on Tuesday that his government will implement measures to spur economic growth amid the current economic and financial constraints.

The government pledged to ensure a stable and steady macro economy through the implementation of financial and currency policies and measures to ensure annual economic growth of at least seven percent.

The PM committed to closely follow up the implementation of tax and customs policies and regulations as well as amending them appropriately in order to promote investment and business operations, reported local Vientiane Times.

Laos is suffering from chronic debt, budget and trade deficits, violation of financial discipline, and revenue leaks, which are the main reasons for current economic and budget difficulties, Thongloun told lawmakers at the ongoing NA meeting in capital Vientiane.

He said the government will strive to relax budget tensions, while exploring more financial sources to balance the budget deficit as well as gradually disburse debt.

The government will continue to regulate interest rates on deposits and loans at commercial banks so they are conducive to greater productivity and business operations, identify measures to expand and manage loans to encourage greater investment in micro, small and medium enterprises.

Reform of state-owned commercial banks and revenue collecting mechanisms are among measures put forward by the cabinet chief, who also committed to improve business and investment climate by removing barriers that caused difficulties for business operators.

Earlier during the NA meeting, Lao PM proposed to adjust down average economic growth target over the next four years to 7.2 percent from the level of at least 7.5 percent set previously in the National Socio-Economic Development Plan for 2016-2020.

Under the government proposal, Lao economic growth targets have been revised to 7 percent for 2017 and 2018, with a slight increase to 7.3 percent in 2019, rising further to 7.5 percent in 2020.

During last fiscal year of 2015-2016, which ended in September, the country saw an economic growth of 6.9 percent year on year, according to a government report. Endit