VIENTIANE, June 29 (Xinhua) -- The fifth Ordinary Session of the National Assembly (NA) of Laos has approved eight core measures to stimulate economic growth for the latter six months of this year and beyond.
The session, convened from June 5 to June 28, saw the legislature pass 13 new and amended laws, and endorsed the government's report on the implementation of the socio-economic development plan over the first four months of this year and fiscal estimations for the first six months, local daily Vientiane Times reported Friday.
In her closing remarks, Lao NA President Pany Yathotou said the session was successful and had proceeded to plan.
Presenting a draft resolution on the economic report to the session, which was later passed by majority vote, NA's Secretary General Suansavanh Vignaket also highlighted challenges requiring the government's response.
She said the session heard concerns after members learned that several socio-economic development targets set for the first six months could not be met. Failure to meet such intermediate goals put annual targets at risk of not being achieved.
The government's report estimated that economic growth for the first six months would reach just 6.7 percent lower than the target set at about 7 percent. Revenue collection slightly fell short of the mark reaching only 95.9 percent.
Export value over the first four months was relatively low reaching just more than 8,288 billion kip (989 million U.S. dollars) representing 19.7 percent of the year's plan.
The members of the legislature expressed particular concern on various issues such as low export value, considerable numbers of children in rural communities dropping schools, vaccination rates, labor skill development and land plot registration that required the government to work harder, Suansavanh told the closing session.
Given that revenue collection had failed to meet the half-yearly targets, the budget deficit would increase, Suansavanh said.
The NA also welcomed the achievements the nation has made that have enabled the country to enjoy firm political stability, social security and order and steady high-level economic growth, according to the report.