Dr Xaysomphone Phomvihane delivers the closing remarks. - Photo: Vientiane Times/ANN
VIENTIANE: The National Assembly (NA) on Tuesday (July 2) closed its 7th ordinary session with a call for the government to step up action to address the high rate of inflation, fluctuating currency exchange rates, and the spiralling cost of living.
Delivering the closing remarks, NA President Dr Xaysomphone Phomvihane said these issues were a matter of great public concern.
Laos recorded an inflation rate of 26.2 percent in June, a slight increase from the 25.8 percent recorded in May, according to the Lao Statistics Bureau. Weakening of the kip also means declining purchasing power.
Dr Xaysomphone said these issues “directly impact the living standards of government officials, soldiers, police officers, and Lao people of all ethnicities.”
The biannual session, which began on June 10, also asked the government to do more to promote agricultural production so that more food could be processed for domestic consumption and for export.
Amid the high level of public and publicly-guaranteed debt, lawmakers emphasised the need to address the debts owed to state investment projects along with properly regulating private investment to ensure that investors fulfill their obligations to the state.
The session resolved that the government should also maintain bold action in addressing the drug problem, as enshrined in the national agenda.
NA members approved the government’s report on the implementation of the national socio-economic development plan, budget plan and monetary plan for the first six months of this year and plans for the second half of the year.
The economy is projected to grow by 4.7 percent over the first half of 2024, a slight drop from the same period last year which was projected at 4.8 percent growth.
Dr Xaysomphone said the NA praised the government’s efforts to overcome the ongoing economic and financial difficulties, noting that Laos has enjoyed continuous economic growth.
As the mining sector is an important contributor to economic growth, lawmakers called for the government to formulate and roll out clear measures to better regulate mining operations, including regular inspections, to maximise the benefits to the state.
“Take urgent action to inspect and evaluate mining projects, both normal and piloted projects, with immediate solutions to resolve any inefficient and ineffective projects in a timely fashion,” Dr Xaysomphone, on behalf of NA members, told the government.
Problems caused by mining operations that have negative social and environmental impacts must be resolved immediately, he added.
The session also endorsed the government’s work report on rural development and poverty alleviation and an audit report that revealed debts owed to the state.
Lawmakers also heard a report on preparations to amend the Lao Constitution, which was last amended in 2015.
The lawmakers passed 13 newly-drafted and amended laws following heated debates on the content. The two new laws that were approved relate to medicinal resources and collective farming.
In addition, amendments were made to 11 laws concerning HIV/AIDS, investment promotion, money laundering and countering terrorism financing, environmental protection, tourism, value-added tax, fire prevention, corruption, the National Assembly, Provincial People’s Councils, and the election of members of the National Assembly and Provincial People’s Councils. - Vientiane Times/ANN
