Business News
Laos seeks jump in aid to ensure growth, reduce poverty
Nov 22, 2011, 4:36 GMT
Vientiane - Communist Laos needs 700 million to 800 million dollars in foreign aid per year to ensure an annual economic growth rate of 8 per cent over the next five years and alleviate poverty, state media reports said Tuesday.
Laos appealed for the increased aid at an annual meeting between government officials and donors held Monday in the capital, the Vientiane Times reported.
If the appeal is met, Laos' foreign aid would jump from the average of 480 million dollars it received per year from 2006 to 2010.
Deputy Minister of Planning and Investment Bounthavy Sisouphanthong said the increased assistance was necessary for Laos to achieve its goal of an annual per capita income of 1,700 dollars by 2015 and reducing its poverty rate from 19 per cent to 10 per cent of its population.
Foreign aid accounts for more than 50 per cent of the country's annual budget.
Laos, one of Asia's poorest nations, aims to shed its UN status of being a least developed country by 2020.
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