Laos president calls for urgent action to address economic woes

Laos president calls for urgent action to address economic woes Vientiane, July 16 (IANS) Laos President Thongloun Sisoulith has instructed the government to urgently address economic and financial difficulties, especially those related to fluctuating currency exchange rates and high inflation. President Thongloun issued the order during an open government meeting, held from Monday to Wednesday, attended by cabinet members, the mayor of Vientiane, and provincial governors, Lao National Radio reported on Tuesday, Xinhua news agency reported. The Laos government must put in place conditions that will sustain an acceptable rate of inflation and living costs to resolve the country's ongoing financial problems and ease the burden on ordinary people, said Thongloun. He advised the government to bolster foreign currency reserves by ensuring that more foreign currency earned from investment and exports flows into the banking system, to enable sufficient reserves for the import of essential goods. The president also said that less foreign currency should be spent on non-essential imports, and advised the government to build up gold reserves. In addition, he called on meeting participants to make radical changes to resolve the country's dire economic and financial situation and to ensure stability through better management. --IANS int/rs/svn