VIENTIANE, Oct. 24 (Xinhua) -- The first ordinary session of Lao National Assembly (NA)'s Eighth Legislature opened Monday in Lao capital Vientiane. This is the second convene of Laos' new parliamentary tenure after the opening session in April.
Speaking at the opening ceremony, Lao NA President Pany Yathotou said political stability and social order had been maintained and economic growth was high compared to other countries in the region.
Monetary stability has also been maintained and investment has increased, while rural development, poverty reduction have been implemented continuously, contributing to the achievement of several indicators of the United Nations' Sustainable Development Goals.
Pany mentioned the slump in the market price of various commodities, notably minerals and rubber, saying this had affected the country's exports and revenue as well as farmers' livelihoods.
She also referred to the limited state funding available for the payment of government investment projects, along with law enforcement, which she said had not yet been consolidated and, along with other factors, had contributed to the failure to reach certain targets.
The meeting on Monday heard a report on the implementation of the socio-economic development plan, the state budget for 2015-2016, and the socio-economic development plan and the state budget for 2017.
Lao Prime Minister Thongloun Sisoulith also briefed participants on improvements made to the socio-economic development and state budget plans, and the currency plan for the following four years which will run from 2017 to 2020.
During the session, which is scheduled to last until Nov. 18, sixteen newly drafted laws and draft amendments to promulgated laws will be discussed and possibly approved. The draft amendments to promulgated laws concern administration and justice, economic and financial sectors, socio-cultural sector, and the military.
The national socio-economic development plan (NSEDP), state budget, monetary policy, audit results, the work of prosecutors and judges and legislation approval will also be on the agenda.
The Lao NA is the legislative branch that has the right to make decisions on fundamental issues of the country, and to oversee the activities of the executive organs, the people's courts and the office of the public prosecutor.
There are three types of NA sessions, including opening session, ordinary session and extraordinary session.
The opening session of the NA is convened no later than 60 days after the election of a new NA, while ordinary sessions are convened twice a year. Extraordinary session may be convened between the two ordinary ones in order to consider and decide important and necessary issues upon the determination of the NA Standing Committee or the recommendation of the president, prime minister or at least one fourth of the total NA members.
The opening session of Lao NA's Eighth Legislature was held in April when new President and Prime Minister of the country were elected, and Pany Yathotou was re-elected as president of the NA.
