ANN/VIENTIANE TIMES – Following a recent decree signed by Thongloun Sisoulith, Secretary General of the Party Central Committee and President of Laos, the government has committed to implementing recommendations for creating an independent economy and achieving self-reliance, as stated by Laos Prime Minister Sonexay Siphandone to the National Assembly on Friday.
The resolution outlines the division of responsibilities between central and local government bodies in terms of development, with a focus on key areas such as enhancing the finance and foreign exchange sectors to increase revenue collection and ensure adequate funds for debt repayment. Another objective is to lessen reliance on foreign loans by utilising the government’s budget and other local financial sources more effectively.
To meet these objectives, all levels of state bodies are required to assume greater responsibility and participate in policy and measure formulation to secure additional revenue sources, ensuring the goals of the resolution are achieved, according to Dr Sonexay.
Stabilising foreign currency exchange rates by boosting currency reserves, strengthening the value of the kip, and setting appropriate interest rates is crucial, he added. Additionally, the general public will be encouraged to use the kip for all transactions, with the public sector taking the lead.
Another priority is to increase crop yields to ensure food security, promoting commercial farming to achieve self-sufficiency in the production of rice, other crops, meat, fish, and eggs for domestic consumption. This increase in agricultural production is expected to reduce imports and maintain a balance between imports and exports.
The government plans to allocate specific areas of land for crop cultivation and livestock raising and will promote more processing of crops and food products. Agricultural production will be improved through the use of superior animal breeds, animal feed, crops, manure, and fertiliser.
The government will also authorise the construction of more high-quality hydropower plants to achieve self-sufficiency in electricity supply. To ensure a stable fuel supply, plans include building oil reserves by constructing storage facilities and exploring the possibility of building pipelines and refineries.
Another goal is to achieve self-sufficiency in the supply of raw materials to factories, as currently, most raw materials are imported.
