World Bank commends Laos on steady economic growth
World Bank commends Laos on steady economic growth
The World Bank's Vice President for East Asia and the Pacific, Axel van Trotsenburg, commended Laos for its steady economic growth and success in overcoming poverty as he concluded a three day official visit to the country.
“We have worked well together over the decades and the testimony of this cooperation is the sustained reduction of the poverty headcount. In less than a generation, the incidence of poverty in Laos has gone from almost half the population to just over a quarter,” said Axel van Trotsenburg.
“This is a solid basis to build a programme for the future, focused on further reducing poverty and making a real impact on improving people's lives,” he said.
During his visit to Laos last week, Mr van Trotsenburg met Prime Minister Thongsing Thammavong and other senior government officials.
Mr van Trotsenburg spoke about the government's reform agenda, including the 7th National Socio-Economic Development Plan, which has the goal of Laos graduating from Least Developed Country status (LDC) by 2020, the World Bank Office in Vientiane reported.
He also encouraged senior government officials to continue the effective management of reforms aimed at improving the lives of all the people, especially the poorest and most vulnerable.
In his first visit to the country, Mr van Trotsenburg also visited the Power to the Poor Programme in Borikhamxay province that provides interest-free credits for electricity connection charges.
This project is especially valuable to families who live in villages already in the power grid but who cannot afford connection costs. He also visited the Nam Theun 2 hydropower project site, which was built with World Bank Group support. There he met with local authorities and project beneficiaries.
“We are pleased to be associated with the Nam Theun Two power project which showcases how you can effectively undertake a complex project in a socially responsible and environmentally sustainable manner,” Mr van Trotsenburg said.
“The project provides a direct link to poverty reduction as revenues from electricity generation help in financing investments that benefit the poor such as rural roads, education and health.”
According to the World Bank Office in Vientiane, the new Country Partnership Strategy for 2012-2016 between the Lao government and the World Bank Group provides an important framework to drive development in Laos in an inclusive and sustainable manner.
The partnership strategy aims to enhance economic competitiveness and connectivity, strengthen sustainable natural resource management, and promote inclusive development, and stronger public sector management.
The World Bank Group is a partner of Laos for the long term, combining quality technical advice about global best practices, with a sound understanding of the local context, to meet the country's needs.
vientiane times
