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Mr. Ichiro Otani and Mr. Chi D Pham

Against the background summarized in the previous subsection, the Government adopted a major medium-term adjustment program in 1989, followed by another in 1993. This section summarizes the main objectives and reform strategy pursued during the period 1989—94, as well as the performance of the Lao Government under the programs. Sections IV-VII examine in greater detail economic developments in each of the major policy and reform areas. First Medium-Term Structural Adjustment Program (1989–92) Objectives and Reform Strategy In mid-1989, the Government

Mr. Ichiro Otani and Mr. Chi D Pham

Assessment of Past Reforms Overall, the reform efforts of the Lao Government from the mid-1980s to 1994 resulted in considerable progress in both systemic transformation and macro-economic management. The basic elements of a market-oriented economic system are now in place, including (i) a market-based price system; (ii) a small but dynamic private sector; (iii) a two-tier banking system; and (iv) a broadly open foreign trade regime. As for macroeconomic management, the Government succeeded in reducing inflation sharply in the late 1980s and limiting it to

International Monetary Fund. Statistics Dept.

once it is finalized by the relevant ministries, mainly the MOF and the Ministry of Commerce. Based on the preliminary information of the draft Decree and discussions with the FPLD at the remote meetings, the Fund should be classified as an extrabudgetary fund under the GFSM 2014 . 4. In a continuation of the peripatetic work with Lao officials , the extended remote TA for April-May 2021 continued focusing on compilation of quarterly GFS and PSDS, including arrears data by the Lao Government and SOEs, based on latest available and recently-extended-coverage data

International Monetary Fund

Electricité de Lao (EDL) with a 15 percent stake. The $800 million Nam Ngum 2 project is slated to export electricity to Thailand starting in late 2010. This project will be equally owned by the government of Laos and three Thai companies. In addition, the construction of the $600 million Nam Ngum 3 project, which will have a capacity of 460 MW, is scheduled to begin in 2008 and is expected to be able to generate power by 2013. This project will be equally owned by the Lao government, two Japanese companies and a Thai industrial utility developer. My authorities also

International Monetary Fund
The macroeconomic performance for Lao People’s Democratic Republic is encouraging, but underlying fragilities remain. Progress needs to be made on structural reforms. On the fiscal side, the immediate challenge is to avoid an unsustainable expansion of spending. The medium-term priority is to mobilize revenues to enable Lao People’s Democratic Republic to meet its development needs, within a sustainable fiscal framework. Progress under the Public Expenditure Management Strengthening Program is essential to strengthen fiscal management. The country’s high debt burden requires prudent debt management.
Mr. Ichiro Otani and Mr. Chi D Pham

the scope of private and mixed enterprises in international trade was expanded. Finally, the exchange system was simplified, as multiple official exchange rates were unified at a level close to the parallel market rate. During 1985–88, the Lao Government concentrated on further liberalizing prices and trade, both domestic and external, so that production, consumption, and investment decisions by economic agents could be increasingly based on market signals and private incentives. During 1989—91, the Government focused on establishing macroeconomic stability by

Mr. Ichiro Otani and Mr. Chi D Pham

neighboring Thailand for these resources rose steeply following that country's imposition of a logging ban. To reverse this trend, the Lao Government has recently reduced the number of logging permits drastically. (For a discussion of environmental issues in the Lao P.D.R., see Box 2 .) Box 2 . Environmental Issues Owing to the modest size of the industrial and mining sectors, environmental concerns in the Lao P.D.R. are chiefly related to the agricultural and forestry sectors, particularly in four areas: (i) forestry resource management; (ii) biodiversity

Mr. Ichiro Otani and Mr. Chi D Pham

/94. Box 5 . The Salary Reform of April 1994 In April 1994, the Lao Government introduced a revised pay structure for the civil service that was put into effect retroactively from March 1994. The objective was to improve the quality of public administration through a pay structure that rewards good performers and is competitive with that of the private sector. The salary structure was revised upward for each job category. On average, by weighing the salary by the new personnel distribution among job categories (see below), the average base salary for the whole

International Monetary Fund

The macroeconomic performance for Lao People’s Democratic Republic is enco