Foreign debt in Laos decreased by half
(KPL) Re-elected Prime Minister Thongsing Thammavong told the first plenary session of the National Assembly seventh legislature that the government has exerted efforts in reducing the foreign debt making the debt decreased from 82 per cent in 2006 to 47 per cent last year.
Mr. Thongsing Thammavong told the meeting that over the last five years the macro economy of the country has constantly enjoyed stability because the government has achieved in maintaining the national budget deficit to stand under 5 per cent of the gross domestic product (GDP) and has acceded the target of revenues collection for four consecutive years.
He said that such achievements had resulted in the improved financial stability, an increase in export and a decrease in trade deficit.
Laos has experienced a strong economic growth over the last five years achieving an annual rate of 7.9 per cent beyond the targets set by the 8th Party Congress and the 7th Socio-economic Development Plan of the government.
Per capita income has increased from 5.96 million kip in 2005 to 8.7 million kip in 2010.
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