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Lao PM urges relevant ministries to stabilize economy

VIENTIANE, March 17 (Xinhua) -- Lao Prime Minister Sonexay Siphandone has called on relevant ministries to continue efforts in stabilizing the macroeconomy.

Giving closing remarks at an extraordinary meeting of the government on Thursday, the prime minister told the cabinet to take further steps to stabilize the economy by placing a greater focus on ways to address the country's chronic debt.

Participants were told to take action to regulate currency exchange rates and the spiraling price of goods amid rampant inflation, and to regularly take stock of the progress made, Lao National TV reported on Friday.

The extraordinary meeting of the government was held from Wednesday to Thursday in the Lao capital under the presidency of the prime minister.

The meeting was attended by deputy prime ministers, representatives of the National Assembly, and cabinet members.

Inflation in Laos has increased significantly since the beginning of 2022, with rising prices continuing to inflict hardships on people.

In 2023, Laos' inflation rate climbed to 41.26 percent year on year in February from 40.3 percent in January.