Lao President Thongloun Sisoulith (Photo: VNA)Vientiane (VNA) – In a definitive stride towardseconomic autonomy, Lao President Thongloun Sisoulith has pledged toremodel the economy, focusing on independence and local ownership.
The announcement came during a recent finance sector meeting inVientiane, where he charted out the economic challenges currentlyplaguing the nation.
The economy, Thongloun pointed out, is characterised bya high reliance on imports and a pronounced susceptibility toexternal shocks. He emphasised that while a Lao-owned economy does not implyabsolute self-sufficiency, it does underscore the importance of the effectiveutilisation of the country’s natural resources and potential areas to mitigatethis import reliance.
The leader advocated for the sustainable commercialisation ofthe nation’s natural resources and the expansion of Lao exports to abroader global market. He also underscored the importance of foreigncapital, technology, and know-how in enhancing the value of localresources.
Describing finance as the lifeline of an economy, Thonglounurged for improved revenue collection and judicious spending. He also calledfor risk diversification in currency and a cautious approach to borrowing toevade unsustainable debt accumulation.
He warned that dependency on borrowingor bond selling to service debts will only spiral into further indebtedness,potentially triggering an economic catastrophe./.
