Minister of Planning and Investment Khamjane Vongphosy told the ongoing 5th Ordinary Session of the National Assembly’s 9th legislature Thursday’s morning that the government has made many efforts in implementing the National Agenda on Addressing Economic and Financial Difficulties.
He told the members of the National Assembly that the government efforts were focused on five key areas including promoting domestic production to reduce imports, strengthening revenue collection, promoting thrifty lifestyles, and increasing the effectiveness of state investment and budget spending.
Ensuring financial stability, addressing domestic and foreign debts, and increasing the effectiveness of the rule of law were also among the priorities of the government.
With the government efforts, budget revenues have shown an increasing trend and spending has been managed in line with the thrifty policy. Organizational structure of government bodies has become more compact, and spirit of thriftiness of government organisations at all levels has been raised.
The government has focused on food production for domestic consumption. Rice production in 2022 reached 3.78 million tons, a rise of 0.3% since September 2021, or before the national agenda was announced. Meanwhile, the production of rice in this year dry season reached 441,850 tons, and that of other food crops reached 1.07 million tons.
This year dry season rice production meets the annual plan as more people have shifted to machine-based production. Food crop production for domestic consumption and industrial processing reached over 2.36 million tons, an increase of 14.4% as compared to the pre-agenda period.
The production of animal proteins reached 507,644 tons, an increase of 4.5% as compared to the pre-agenda period.
In the first half of the year, electricity production reached 24.3 billion KWh, worth 21.9 trillion kip, an increase of 1.69% year one year.
Mining production in the first six months of 2023 was estimated at 10.8 trillion kip, an annual increase of 10.8% with mining of some minerals, especially gypsum, potassium, limestone, for domestic industrial industry reaching 156 million US dollars, an increase of 7.58%.
The government has reopened the country, urged tourism businesses to get ready, especially by developing facilities, and increased advertisement of tourist destinations through various media. As a result, the country received more than 2.97 million visitors last year, an increase of 52% year on year, with 537.5 million US dollars generated in the industry.
In the first five months of 2023, over 1.4 million foreign tourists visited the Lao PDR with ASEAN visitors sharing 65% of total foreign visitors visiting the country.
Source: Lao News Agency
