In a definitive stride towards economic autonomy, Lao President Thongloun Sisoulith has pledged to remodel the economy, focusing on independence and local ownership.
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| Lao President Thongloun Sisoulith (Photo: VNA) |
In a definitive stride towards economic autonomy, Lao President Thongloun Sisoulith has pledged to remodel the economy, focusing on independence and local ownership.
The announcement came during a recent finance sector meeting in Vientiane, where he charted out the economic challenges currently plaguing the nation.
The economy, Thongloun pointed out, is characterised by a high reliance on imports and a pronounced susceptibility to external shocks. He emphasised that while a Lao-owned economy does not imply absolute self-sufficiency, it does underscore the importance of the effective utilisation of the country’s natural resources and potential areas to mitigate this import reliance.
The leader advocated for the sustainable commercialisation of the nation’s natural resources and the expansion of Lao exports to a broader global market. He also underscored the importance of foreign capital, technology, and know-how in enhancing the value of local resources.
Describing finance as the lifeline of an economy, Thongloun urged for improved revenue collection and judicious spending. He also called for risk diversification in currency and a cautious approach to borrowing to evade unsustainable debt accumulation.
He warned that dependency on borrowing or bond selling to service debts will only spiral into further indebtedness, potentially triggering an economic catastrophe.
VNA
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