World Bank provides $20m to ease poverty in Laos
The Lao government and the World Bank on October 10 signed a financing agreement over $20 million for the Ninth Poverty Reduction Support Operation (PRSO 9), according to the World Bank Laos office, the Vientiane Times reported.
The agreement was signed by Lao Minister of Finance, Phouphet Khamphounvong, and Country Director for the World Bank to Southeast Asia, Ulrich Zachau.
The signing ceremony took place at the World Bank Group office in Washington DC, where a high level Lao delegation traveled to participate in the 2013 Annual Meetings of the World Bank Group and International Monetary Fund.
According to the World Bank, PRSO 9 supports policies and institutional reforms that will enable more sustainable management of increasing revenues from the natural resource sectors to deliver improved public services in Laos. This objective supports the government’s priorities outlined in the 7th National Socio-Economic Development Plan.
“Our programme, which PRSO supports, focuses on policy areas critical for Laos’ development. The programme will foster economic growth and reduce poverty,” Phouphet said.
PRSO 9 aims to strengthen macroeconomic policy coordination and sustainable revenue management, particularly in the mining and hydropower sectors.
The programme also supports reforms to improve the investment and trade climate, and targets improvements in public service delivery to ensure the proceeds of natural resource development lead to better health and education outcomes for the people of Laos, the World Bank reported.
In particular, PRSO support has helped implement more transparent rules for trade and investment, develop a stronger framework for the regulation and taxation of natural resources, strengthen public revenue management, and improve planning in the health and education sectors.
The government’s programme aims to manage rising earnings from the natural resource sectors in a sustainable and inclusive manner.
“The World Bank is pleased to support the programme, which we expect will help increase resources for the effective delivery of public services and improve the lives of the people of Laos,” Zachau said.
PRSO 9 is an important part of the World Bank Group’s Lao PDR Country Partnership Strategy 2012-2016, endorsed by its Board of Executive Directors in March 2012.
This partnership strategy aims to enhance competitiveness and connectivity, sustainable natural resource management and foster more inclusive development by strengthening public sector management.
The Lao government and the World Bank jointly prepared the PRSO 9 operation in collaboration with the European Union and the Japan International Cooperation Agency, which are planning to provide parallel budget support financing.
The Lao government and the World Bank on October 10 signed a financing agreement over $20 million for the Ninth Poverty Reduction Support Operation (PRSO 9), according to the World Bank Laos office, the Vientiane Times reported. The agreement was signed by Lao Minister of Finance, Phouphet Khamphounvong, and Country Director for the World Bank to Southeast Asia, Ulrich Zachau. The signing ceremony took place at the World Bank Group office in Washington DC, where a high level Lao delegation traveled to participate in the 2013 Annual Meetings of the World Bank Group and International Monetary Fund. According to the...
The Lao government and the World Bank on October 10 signed a financing agreement over $20 million for the Ninth Poverty Reduction Support Operation (PRSO 9), according to the World Bank Laos office, the Vientiane Times reported.
The agreement was signed by Lao Minister of Finance, Phouphet Khamphounvong, and Country Director for the World Bank to Southeast Asia, Ulrich Zachau.
The signing ceremony took place at the World Bank Group office in Washington DC, where a high level Lao delegation traveled to participate in the 2013 Annual Meetings of the World Bank Group and International Monetary Fund.
According to the World Bank, PRSO 9 supports policies and institutional reforms that will enable more sustainable management of increasing revenues from the natural resource sectors to deliver improved public services in Laos. This objective supports the government’s priorities outlined in the 7th National Socio-Economic Development Plan.
“Our programme, which PRSO supports, focuses on policy areas critical for Laos’ development. The programme will foster economic growth and reduce poverty,” Phouphet said.
PRSO 9 aims to strengthen macroeconomic policy coordination and sustainable revenue management, particularly in the mining and hydropower sectors.
The programme also supports reforms to improve the investment and trade climate, and targets improvements in public service delivery to ensure the proceeds of natural resource development lead to better health and education outcomes for the people of Laos, the World Bank reported.
In particular, PRSO support has helped implement more transparent rules for trade and investment, develop a stronger framework for the regulation and taxation of natural resources, strengthen public revenue management, and improve planning in the health and education sectors.
The government’s programme aims to manage rising earnings from the natural resource sectors in a sustainable and inclusive manner.
“The World Bank is pleased to support the programme, which we expect will help increase resources for the effective delivery of public services and improve the lives of the people of Laos,” Zachau said.
PRSO 9 is an important part of the World Bank Group’s Lao PDR Country Partnership Strategy 2012-2016, endorsed by its Board of Executive Directors in March 2012.
This partnership strategy aims to enhance competitiveness and connectivity, sustainable natural resource management and foster more inclusive development by strengthening public sector management.
The Lao government and the World Bank jointly prepared the PRSO 9 operation in collaboration with the European Union and the Japan International Cooperation Agency, which are planning to provide parallel budget support financing.
