The National Assembly has learned that over the past six months the government has achieved in maintaining a political stability with economy continuing to grow, social peace and order maintained, gross domestic product (GDP) growing by 4.8% higher than 4.5% expected by the National Assembly, agricultural production increasing by 3.8% and the service sector growing by 5.6%, according to Vice President of the National Assembly Sommad Pholsena.
On July 11, Mr Sommad Pholsena hold a press conference on the government’s implementation of the socio-economic development plan, state budget plan, monetary plan, and the two national agendas – addressing Economic and Financial Difficulties and Drug issues and targets set for the last six months of 2023.
Revenue collection in the first six months is expected to reach 18.4 trillion kip, equivalent to 48% of the annual plan set for 2023, 15.55% of the country’s GDP.
Domestic revenues reached 14.8 trillion kip, accounting for 43% of the annual plan, 6.43% of the GDP.
With the closure of illegal currency exchange shops and reform of banking statistic database, foreign reserve has increased to the level enough for sustaining four months of imports, higher than three months expected by the National Assembly.
Trade surplus reached over 998 million US dollars with exports of the agriculture and forestry sector reaching over 1 billion US dollars, equivalent to 90.75% of the annual target.
“The government still faces numerous problems that it needs to address such as inflation, rising goods prices, deforestation, illegal occupation of government land and labour shortage,” said NA Vice President.
The NA called on the government to attach attention to achieving targets set in the socio-economic development plan, state budget plan, monetary plan, and the two national agendas on addressing economic and financial difficulties and drug issues with a focus placed on addressing inflation, promotion of domestic and foreign investment and making sure payment of foreign-investment projects in the country is bank-based.
The assembly asked the government to focus on tapping new sources of incomes, modernize revenue collection through promoting the use of modern technology, make greater efforts to suppress corruption, promote agricultural production and processing industry so as to reduce imports.
It has said that the government need to better monitor state investment projects especially those on road construction, accelerate compensating families affected by investment projects, accelerate adjusting electricity prices for industrial units, SMEs, and households, cancel mining projects that fail to proceed as planned, or are ineffective.
Source: Lao News Agency