Communist Laos admits failures in managing economy

The secretive communist Laotian government said on Mar 13, 2001 it had mismanaged the economy over the past five years, triggering hyperinflation and a tumbling currency. But the financial authorities vowed to improve fiscal discipline to fulfil their ambitious growth targets and to stabilise the kip currency.

Bouathong Vonglokham, cabinet member in charge of state planning, said per-capita annual income declined by $30 to $350 in 2000 from three years ago, missing the target of $500 because o

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