Vientiane:Laos has announced its preparations for a historic graduation from the Least Developed Country (LDC) status. The announcement was made at a joint press briefing held in Vientiane on November 6 by the Ministry of Finance and the United Nations Development Programme (UNDP), in anticipation of the 2026 Annual Round Table Meeting scheduled for November 19.
According to Lao News Agency, the briefing was co-chaired by Deputy Minister of Finance Soulivath Souvannachoumkham and UNDP Resident Representative to Laos Ayshanie Medagangoda-Labe. Representatives from diplomatic missions, development partners, government agencies, and other stakeholders were present at the event.
This year's Round Table Meeting will center on "Prioritizing Strategic Budget Allocations for the Implementation of the National Socio-Economic Development Plan for Fiscal Year 2027 to Ensure a Smooth, High-Quality and Sustainable LDC Graduation." The meeting aims to gather representatives from the National Assembly, government ministries, provincial administrations, development partners, international financial institutions, the private sector, and civil society to discuss development priorities and financing needs.
Deputy Minister Soulivath emphasized the significance of the 2026 meeting, as it precedes Laos' graduation from LDC status and aligns with the first year of implementing the 10th National Socio-Economic Development Plan (2026-2030). Despite facing global economic uncertainties and severe natural disasters in 2026, Laos has managed to stabilize its national currency, control inflation, and maintain tighter monetary policies, achieving an average inflation rate of 7.8%.
UNDP Resident Representative Ayshanie Medagangoda-Labe congratulated the Lao Government on this milestone, reaffirming the UNDP's commitment to supporting the country's transition. She highlighted the importance of the Round Table Process in mobilizing development financing, addressing funding gaps, and enhancing cooperation between the government and development partners. This process also supports the implementation of the Vientiane Declaration III on Partnership for Effective Development Cooperation, aiming to ensure that development assistance results in tangible improvements in people's lives.
The upcoming meeting is expected to align development financing with national priorities and strengthen preparations for Laos' transition, ensuring that the graduation from LDC status leads to lasting economic and social progress.