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Gov’t formulates policies speeding up economic recovery amid Covid-19

The government has assigned the Covid-19 Taskforce Committee in charge of addressing economic impacts of Covid-19 to come up with policies to ensure economic recovery and mitigate the impacts of the pandemic.

Answering questions raised by members of the National Assembly at their 2nd Ordinary Session on Nov 5 about the government’s efforts to help economy recover, Prime Minister Phankham Viphavanh said that the possible policies included the exemption of import duties and taxes on necessary goods; the postponement of debt payment to commercial banks and financial institutes; the regulation of goods prices; the promotion of production and tourism; and the reduction of charges for electricity, water supply and internet connections.

“The government will attach more attention to promoting the investment of domestic and foreign private companies in developing areas along the railway corridor, special economic zones, logistic hubs, tourism, commercial agriculture,” said Prime Minister Phankham.

He told the people’s representatives that over the last two months of the year, the government will continue to formulate enabling policies that aim to help relieve the burdens of businesses with respect to customs and taxes and facilitate their access to funding to promote domestic production.

Source: Lao News Agency