VIENTIANE, June 29 — Laos is considering imposing limits on a number of imported goods in order to minimise or cut the use of foreign currency on non-essential items amid dwindling foreign currency reserves.
Responding to National Assembly (NA) deputies’ questions at the third session of the 9th legislature, the Lao Lao Prime Minister Phankham Viphavanh said vehicles, alcoholic beverages and other imported luxury items are among goods to be considered for the import curb.
Laos is suffering from a shortage of foreign currency, therefore the government is struggling to purchase and import sufficient essential items, notably fuel, Vietnam News Agency (VNA) reported.
Meanwhile, according to the Vientiane Times, the Lao Government is considering engaging an international consulting firm to determine the value of state assets, particularly those pertaining to natural resources.
According to the local newspaper, the idea was put forward at the NA last week as a way for the government to persuade creditors of the country’s capacity to repay the massive debts it has accrued.
It quoted Minister of Finance Bounchom Ubonpaseuth as saying at the NA that the country “has considerable assets and natural resources but we have never assessed their full value.”
He said creditors may then feel more confident that Laos is unlikely to default on its debts after understanding the country’s real potential.
Public debt levels of Laos have increased to 88 per cent of gross domestic product (GDP) in 2021, according to the World Bank.
— Bernama
