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Ministry thanks World Bank for decades of support
The Ministry of Finance has thanked the World Bank for its financial support, which has enabled Laos to improve the living conditions of its citizens over the past three decades.
“Let me once again take this opportunity to express sincere thanks to the management and staff of the World Bank for their hard work and dedication which has contributed to the improvement of the livelihoods of Lao people over the years,” Minister of Finance Mr Phouphet Khamphounvong said.
Mr Phouphet was speaking at a reception held in Vientiane on November 7 to mark the 50th anniversary of the partnership between Laos and the World Bank.
According to Mr Phouphet, the World Bank contributed grants worth more than US$1 billion to Laos from 1977 to 2011.
The bank also provided technical assistance for policy reforms and loans for public and private investment, with perhaps its most significant investment being in the Nam Theun 2 hydropower plant.
“The landmark event in our cooperation was the launch of commercial operations at the US$1.4 billion Nam Theun 2 dam, which is now contributing significant revenues to the state budget,” Mr Phouphet said.
“Of course our cooperation extends far beyond Nam Theun 2 and, working with the World Bank through dialogue partnerships and support, Laos has made achievements in many areas, including structural reforms, natural resource and environmental management, infrastructure development, education and health.”
Mr Phouphet said Laos looks forwards to continuing support from the World Bank, in particular advice, investment support and technical assistance to ensure the nation's development goals for the next five years and beyond are achieved.
The government plans to achieve at least 8 percent annual GDP growth, accomplish the Millennium Development Goals and establish a solid foundation for Laos to graduate from the UN's list of least developed countries by 2020.
The government has committed to continue its reform policy, strengthen governance and create a favourable investment climate to boost private investment. The government will also pay greater attention to social welfare, education, health, poverty reduction and environmental protection, Mr Phouphet said.
According to a press release from the World Bank, the bank has finalised its new Country Partnership Strategy for Laos, which supports the Lao government to implement its 7th National Socio-Economic Development Plan, which will run until 2015.
Laos and the World Bank began their development partnership in 1960. Over the past 50 years, cooperation between the two parties has evolved with the changing global context and advances in development best practice and knowledge.
In the 1970s, the World Bank assisted Laos in areas such as reconstruction and food security.
The bank later expanded its assistance to Laos, in areas such as social services and infrastructure, and development of institutions and policy frameworks needed for strong economic management.
vientiane times
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