Lao PDR Snapshot
The Bank of Lao PDR (BOL) on Tuesday hosted an event to launch the Lao PDR financial inclusion road map 2018-2025 in a bid to raise awareness of the importance and framework of the roadmap which was approved by the centre bank in August 2019.
The event took place in Vientiane and was chaired by BOL Deputy Governor Mr Phoutthaxay Sivilay which included the participation of the Charge d’Affaires of the Australian Embassy to Laos, Ms. Jane Chandler that were involved in developing the financial inclusion roadmap.
The importance of financial Inclusion is to improve people's lives by creating jobs, enable people to take part in an increasingly digital economy and protect themselves.
The roadmap is a guiding document aimed at improving people’s access to financial products and services so that financial inclusion is broad and deep, providing sustainable benefits for Lao people.
Five priorities were identified as element to support the Lao PDR Financial Inclusion Roadmap:
(1) Improve the availability and sustainability of credit.
(2) Consumer empowerment and protection.
(3) Strengthen village funds for sustainability and relevance to rural populations.
(4) Improve the payments eco-system.
(5) Extend the outreach of banks and other financial service providers.
Source: Vientiane Times
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Lao PDR Snapshot
The global economic slowdown, fluctuating prices of oil and food on world markets, political conflicts in some regions and the Covid-19 pandemic had all had an impact on Laos’s economy. Laos is vulnerable to global impacts, climate change and natural disasters, the effects of which have been exacerbated by the pandemic affecting the government’s public debt and fiscal deficit.
This means that the projected average annual economic growth rate of 7.2 percent over the past five years was not met, and an average annual rate of just 5.8 percent was achieved.
Construction of the Laos-China railway is now more than 90 percent complete and is scheduled full completion at the end of this year. The government is committed to moving towards sustainable development by using natural resources wisely and applying science and technology to the development of the economy.
Laos is driving up inflation and the cost of living. The trade deficit is one of the main problems affecting the country’s foreign currency reserves and the value of the kip. The government has vowed to remove more barriers and improve the business which will attract more investment from Laos and as well as foreign, it will further boost the economy.
The government will encourage foreign investors to train and employ Lao people to help with the project and commercial operations.
Source: Vientiane Times
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Lao PDR Snapshot
Vangvieng district, Vientiane province will speed up improve quality service and facilities as well as will add activities at the tourist sites to attract more visitors, after the Vientiane –Vangvieng expressway opened up recently, many visitors are flocking to Vangvieng district.
Vangvieng district governor Mr Bounchan Malavong, told Vientiane Times Tuesday Vangvieng district authorities will focus to improve tourist sites, quality service and facilities including roads to the tourist sites, quality service and facilities including roads to the tourist sites to welcome visitors as after the Vientiane-Vangvieng expressway opened many people go to Vangvieng district for a day trip.
Besides improving facilities the authorities will also survey and inspect the restaurants especially at the tourist attractions to have tourist attractions to solve the price of foods that are very expensive, he said.
Although many people like to visit Vangvieng district, last year they had just over 80,000 tourists from domestic and foreign sources Vangvieng district, was down about 35 percent due to the Covid-19 outbreak, according to a Vangvieng district official.
However this year Vangvieng districts target is to attract more than 300,000 domestic visitors, if Covid-19 is under control Vangvieng districts target is t attract more than 500,000 from domestic and foreign tourism, Mr Bounchan said.
Source: Vientiane Times
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