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Gov’t asked to achieve a 4.4% economic growth as planned

People’s representatives has urged the government to struggle to achieve an annual economic growth of 4.4% as planned justifying that the growth rate is realistic to the capability of economic drivers in the country.

Vice President of the National Assembly Sommad Pholsena told a press conference on Tuesday that members of the National Assembly have also called on the government to accelerate providing enough plant and animal varieties, fertilizers and other production inputs to farmers to ensure their monsoon production and encourage them to increase production for domestic consumption and export purposes.

At the ongoing 3rd Ordinary Session of the National Assembly, lawmakers have asked the government to take immediate actions to tackle rising inflation, especially with respect to goods and oil prices, and promote domestic production with concrete measures to ensure food security in the year to come.

NA’s members have urged increased patriotism and better promotion of the use of made-in-Laos products and tightened measures against the import of products that are of the same types produced in the country.

The government has been asked to consider diversifying oil import markets, settle oil payments in various currencies aside from US dollars, attach attention to collecting revenues from sustainable sources using modern banking technology and the bank-based management of foreign exchange from various sources including registered capital from foreign investors, exports – electricity, minerals, processing industry and agricultural products – to ensure there are enough foreign currencies for import of fuel, consumer goods and agricultural production needs.

The government needs to speed up tackling illegal exchange businesses and reduce the gap between the exchange rates of banks and parallel markets, limit the use of foreign currencies and introduce a universal exchange rate as well as set a certain maximum level for holding foreign currencies for individuals and legal entities, according to the NA’s Vice President.

The parliamentarians have also urged the government to bring to strict punishment individuals and legal entities manipulating exchange rates and hoarding foreign currencies and allow only commercial banks to provide exchange services according to the rate set by the Bank of the Lao PDR.

Source: LAO News Agency