Information about Asia and the Pacific Asia y el Pacífico
Journal Issue

Lao People’s Democratic Republic: Staff Report for the 2008 Article IV Consultation—Informational Annexes

International Monetary Fund
Published Date:
October 2008
  • ShareShare
Information about Asia and the Pacific Asia y el Pacífico
Show Summary Details

Annex I. Lao P.D.R.: Fund Relations

I. Membership Status: Joined 7/05/61; Article XIV

II. General Resources Account:

SDR millionPercent Quota
Fund holdings of currency52.90100.00

III. SDR Department:

SDR millionPercent Allocation
Net cumulative allocation9.41100.00

IV. Outstanding Purchases and Loans:

SDR millionPercent Quota
ESAF/PRGF arrangements14.9528.26

V. Latest Financial Arrangements:





(SDR million)


(SDR million)

VI. Projected Obligations to Fund(SDR million; based on existing use of resources and present holdings of SDRs):


VII. Implementation of Heavily Indebted Poor Countries Initiative (HIPC)

Lao P.D.R. is eligible for assistance under the HIPC Initiative. However, to date the authorities have indicated that they do not want to avail themselves of this facility.

VIII. Safeguards Assessments

A safeguards assessment of the Bank of Lao P.D.R. (BoL) was completed in April 2003 with respect to the PRGF arrangement approved in 2001. The main findings, recommendations, and progress thereon were reported in EBS/03/127 and SM/04/391. Progress on safeguards recommendations has been slow. The authorities indicated that they were not in a position to implement an earlier agreement to undertake a joint audit of the BoL’s 2003 and 2004 accounts by the state auditor and an international audit firm. These audits have subsequently been completed by the state auditor, but the joint audit issue remains unresolved.

IX. Exchange Rate Arrangement

In September 1995, Lao P.D.R. adopted a managed floating exchange rate system. The BoL sets a daily official reference rate, based on the weighted average of the previous day’s commercial bank and interbank rates. Effective September 2007, banks are allowed to adjust their buying and selling rates within ± 0.25 percent of the BoL’s daily reference rate for the U.S. dollar (previously ± 0.30 percent). Adjustment to other exchange rates are correspondingly limited by adjustments to the U.S. dollar. Under the IMF’s current classification scheme, the exchange rate arrangement is now a managed float with no predetermined path, with occasional interventions by the central bank.

X. Exchange and Payments System

Lao P.D.R. no longer maintains restrictions on the making of payments and transfers for current international transactions under the transitional arrangements of Article XIV, Section 2, but maintains restrictions imposed for the preservation of national or international security, which have been notified pursuant to Decision No. 144-(52/51), and a restriction subject to IMF approval under Article VIII (tax payment certificates are required for some transactions). A joint LEG/MCM mission in August 2004 conducted a review of the exchange system to establish the remaining measures that would facilitate Lao P.D.R.’s acceptance of the obligations under Article VIII, including the elimination of an exchange restriction on the making of payments and transfers for current international transactions.

XI. Last Article IV Consultation Discussions

The last Article IV consultation discussions were held in Vientiane during April 25–May 7, 2007. The staff report (SM/07/271) was discussed by the Executive Board on August 3, 2007 and was published on November 7, 2007.

XII. Resident Representative

Mr. Benedict Bingham assumed the Senior Resident Representative post for Vietnam and Lao P.D.R., based in Hanoi, on October 17, 2007.

XIII. Technical Assistance (since 2004)

DepartmentI. PURPOSEA. Date
STA- Government finance statisticsApril-May 2004
- Money and banking statisticsApril-May 2004
- National accounts statisticsNovember-December 2006
FAD- Expert on customs administrationJanuary and June 2004,

February 2005
- Expert on tax administrationMarch-April and November 2004
- Mission on public expenditure managementJune-July 2004 and October 2004
- Missions on tax policy and administrationOctober 2004
- Expert on public expenditure managementNovember 2004, March-April 2005
- Expert on customs lawJanuary and March 2008
MCM- Expert on banking supervisionJanuary-February, May-July, and

September-October 2004; January-

March, April-June, and September

-December 2005
- Expert on foreign exchange regulationsJuly-August 2004
- Mission of Article VIII (jointly with LEG)August 2004
- Mission on central bank auditMay 2005

Annex II. Lao P.D.R.: Relations with the World Bank Group1

IMF-World Bank Collaboration

The IMF takes the lead in advising the government of Lao P.D.R. on macroeconomic policy. The support covers tax, fiscal, monetary, and exchange rate policies, and economic statistical issues. The World Bank takes the lead in supporting the government in formulating a growth and poverty reduction strategy and implementing structural reforms, such as in public finance management; state-owned enterprise (SOE) restructuring; private sector development; trade, legal, and judicial development; and natural resource management. The Bank and Fund coordinate their work on some structural issues that have important implications on macroeconomic performance, namely financial sector reform, public expenditure management, trade policy, and poverty reduction strategy.

IMF and Bank Joint Role in Policy Dialogue

Poverty Reduction Strategy. The Bank and the IMF, together with the United Nations Development Programme, have provided assistance to the government’s process of formulating its medium-term poverty reduction strategy. In 2003, the government prepared the first full Poverty Reduction Strategy Paper, the National Growth and Poverty Eradication Strategy (NGPES). The Bank and the Fund’s Joint Staff Advisory Note (JSAN) of the strategy was presented before IDA and IMF Boards in November 2004. In 2006, the government prepared the Sixth National Socio Economic Development Plan (2006–2010) (NSEDP) with a strong poverty focus and through wide consultations with key domestic stakeholders in Vientiane and provinces, as well as the Bank, IMF, and donors. The NSEDP was presented by the government to its development partners at the 9th Round Table Meeting in November 2006 and an annual progress report was provided at a Round Table Implementation Meeting in November 2007.

The Bank is supporting the implementation of NGPES and NSEDP through the Poverty Reduction Support Operations (PRSOs). The focus of PRSOs includes public finance management reform, including in social sectors, and regional integration and private sector development. PRSO-1 ($10 million) was approved in March 2005, followed by PRSO-2 ($8 million) in April 2006 and PRSO-3 ($10 million) in June 2007. The next cycle of PRSOs was approved by the Bank Board in June 2008.

Public Expenditure Management. The Bank has provided extensive technical assistance in developing and implementing the government’s multi-year Public Expenditure Management Strengthening Program (PEMSP). The Bank completed a Public Expenditure Review jointly with the IMF, other donors, and government, and a Public Expenditure Tracking Survey (PETS) for education and health sectors in 2006. The Bank is also assisting the government in the preparation and implementation of a Government Finance Statistics Manual–compatible Chart of Accounts and the new Budget Law, focusing on improving intergovernmental fiscal relations.

Financial Sector Reforms. The Bank and the IMF have worked closely to support the government in developing and implementing a banking reform program. The Bank has supported restructuring of state-owned commercial banks (SOCBs) and drafting of banking sector legislation, and is supporting the drafting of the Financial Sector Strategy.

Trade Policy. The Bank led preparation of the Diagnostic Trade Integration Study (DTIS), jointly with the government, and other Integrated Framework donors. A Multi-Donor Trust Fund (to be administered by the Bank) is currently being set up to support the action matrix in the DTIS, and a Customs and Trade Facilitation Project is being designed in close collaboration with the IMF to support customs modernization through implementation of an automated customs system.

The Bank’s Key Roles in Policy Dialogue

State-Owned Enterprises. The Bank has supported the government’s SOE reform and restructuring program, aimed at improving transparency by institutionalizing the reporting and recording of annual performance of all SOEs and through international standard audits of large SOEs, restructuring them to reduce losses or raise profits for public utility SOEs and reforming their pricing policies in water, power, and telecoms. The SOEs are indebted to SOCBs and a source of non-performing loans.

Private Sector Development. The Bank supports the development of the private sector, both economy-wide and in the sectors, based on a joint AsDB-World Bank Investment Climate Assessment of manufacturing and tourism firms, a review of key regulatory procedures and business laws, and local government initiatives on private sector promotion. The Bank is also a lead coordinator of a donor working group on macroeconomic and private sector development issues, through which it conducts policy dialogue to improve the climate for private investment, both domestic and foreign.

Forestry Development. The government is involved in a continuing process of reforming its forestry sector and improving the implementation of forestry programs and projects. The Bank is trying to ensure that the government’s strategy and objectives for forestry are consistent with the NGPES, Rural Development Program, and Agriculture Development Strategy.

The Nam Theun 2 Hydropower Project. The Bank has supported the project through an International Development Association (IDA) partial risk guarantee, an IDA grant for environmental and social mitigation, and a Multilateral Investment Guarantee Agency (MIGA) guarantee, all done in March 2005. The World Bank decision to support the project was based on a “decision framework” with the following three pillars: (i) Lao P.D.R. establish and implement a viable development policy framework, characterized by concrete performance, and national programs for poverty reduction and social and environmental protection; (ii) the technical, financial, economic, and implementation aspects of the project, as well as the design and implementation of sound safeguards policies; and (iii) wider understanding and broader support from the international donor community, and global and local civil society for Lao P.D.R.’s development framework and the project. The Bank is supporting and monitoring the implementation of NT2, and its progress remains good; it is expected to be operational in early 2010.

Bank Strategy and Lending Operations

Country Assistance Strategy (CAS). The full CAS was presented to the Bank’s Board in March 2005, and the CAS update (and extension through 2011) in May 2007. The CAS selectively targets key NGPES priorities, including: (i) sustaining growth through linking to and capitalizing on regional opportunities and better natural resource management; (ii) improving social outcomes through strengthening financial management and service delivery capacity; (iii) strengthening management capacities, partnerships, and monitoring for NGPES implementation; and (iv) implementing the NT2 program as a model for supporting sustainable growth, improving social outcomes, and building key development capacities. The updated CAS consists of a lending and non-lending program, with a notional amount of about US$170 million in new commitments (credits and grants) during July 1, 2005 to June 30, 2011 (subject to the IDA Performance Based Allocation system).

Lending Operations

As of January 1, 2008, a total amount of US$863.9 million equivalent of IDA credits and grants had been approved. This included support for adjustment operations, rural development, forestry, transport, energy, telecommunications, education, health, industry, capacity building, and risk guarantees. In the last three years, IDA support has focused on the CAS objectives, with an average disbursement of US$41.9 million per year.

IDA: Commitments and Disbursements to Lao P.D.R., 1977–2007(In millions of U.S. dollars; as of January 1, 2008)
Fiscal Year (to June 30)CommittedDisbursedRepayments *

Note: repayments include principal repayments and do not include commitment or service charges.

Note: repayments include principal repayments and do not include commitment or service charges.

The World Bank’s Main Non-Lending Work(Recently Completed and Ongoing)
Completed FY05-FY07Ongoing and Proposed for FY08-FY11
Regional Integration/Private Sector Development
Financial Sector NoteEconomic Monitors (two issues each year)
Economic Monitors (two issues each year)Financial Sector Strategy
Country Economic Memorandum (CEM) - Sources of
GrowthFinancial Sector Assessment
Investment Climate AssessmentInvestment Climate Assessment 2
Diagnostic Trade Integration StudyCountry Economic Memorandum 2008
Integrated Public Expenditure Review and Integrated
Fiduciary AssessmentInformation and Communication Technologies Strategy
Poverty Reduction Strategy Paper - Joint Staff Assessment Note
Study on Trade in Services
Natural Resources Management, Environment and Rural Development
Environment MonitorUpland Livelihood Typology
Rural Sector StrategyFlagship on Natural Resources Management (CEM)
Khammouane Provincial Development StudyEnvironment Monitor
Poverty Environment Nexus StudyLand Allocation, Planning and Management
Uplands Livelihood TypologyForestry Sector Strategy Note
Water Sector Review
Public Sector and Financial Management
NT2 Revenue Management
Peer Review of State Audit OrganizationIntergovernmental Fiscal Relations and Decentralization
Contract Value Norms StudyPublic Expenditure Tracking Survey
Civil Service Study
Integrated Public Expenditure Review/Integrated Fiduciary
Assessment/Country Financial Accountability Assessment
Strengthening Anti-corruption Measures
Assessment of Government Strategic Plan for Governance
World Trade Organization Accession
Upland Livelihood Typology and Investment Climate Assessment
Service Delivery and Vulnerability
Poverty AssessmentTeachers’ Study
Decentralization StudyReview of Poverty Reduction Fund
Public Expenditure Tracking SurveyPublic Expenditure Tracking Survey
Civil Service Reform Study
Health Sector Financing Strategy
Education for All Assessment
Poverty Assessment

Social Monitor (Youth Opportunities)
Technical Support to Education For All Assessment
Mining Sector ReviewRural Water and Sanitation Strategy
Cross-border Cooperation in Sustainable Hydropower Development
Infrastructure Sector Study
Dialog and Regulatory Reform

Annex III. Lao P.D.R.: Relations with the Asian Development Bank2

The Asian Development Bank (AsDB) has extended development assistance to Lao P.D.R. since 1968. In the 1970s and 1980s, AsDB assistance was focused mainly on economic growth projects involving infrastructure development in the transport and energy sectors, as well as agriculture. AsDB has been active in the development of the financial sector since the latter part of the 1980s, and broadened its assistance to Lao P.D.R. to include rural development, social development, and environment in the 1990s. AsDB has focused its activities on poverty reduction since the late 1990s.

AsDB’s new Country Strategy and Program (CSP) for Lao P.D.R. for 2007–11 is anchored in and closely aligned to the Lao P.D.R.’s Sixth National Socio Economic Development Plan, 2006–2010 (NSEDP). A results-based strategy, the CSP focuses on promoting sustainable pro-poor sustainable growth, strengthening governance, developing government’s capacity, improving social inclusiveness and gender, enhancing regional cooperation and integration, managing the environment, and supporting private sector (including banking) developments. These strategic foci are shaped by the country’s specific requirements and capabilities after extensive stakeholder consultations. The CSP is designed to achieve high impact and sustainable development results, and to contribute to the government’s Millennium Development Goals and sector-specific commitments as set out in NSEDP, with specific goals, targets, and progress indicators for AsDB interventions.

Lao P.D.R. is a key actor in the Greater Mekong Sub-Region (GMS) program as a land-link among the other GMS member countries. The AsDB will aim to explore various options to maximize the benefits to Lao P.D.R. from sub-regional cooperation. To enhance the development impact of projects and ensure their close monitoring, AsDB’s interventions will focus primarily on the poor northern regional provinces and along the East-West economic corridor that links Thailand to Savannakhet in Lao P.D.R. and to Vietnam.

Since 1970, the AsDB has approved 73 loan and grant financed projects for a total of $2;1.18 billion—of which 25 projects were currently active–and 228 technical assistance projects for a total of $116.1 million (as of end-December 2007).

In 2007, AsDB program operations shifted to 100 percent grant. Three new grants were approved in 2007 comprising of the health systems program grant, the private sector and SME development program grant, and the Greater Mekong Subregion transport network improvement program (co-financing with $10 million from the Organization of the Petroleum Exporting Countries fund, $14 million (grant) from Australia, and $23 million from the Republic of Korea). In addition, four technical assistance projects amounting to $3.1 million were approved.

Lao P.D.R.: Asian Development Bank Commitments and Disbursements, 2001–07(In millions of U.S. dollars)
Source: Data provided by the Asian Development Bank.

Planned figures.

Source: Data provided by the Asian Development Bank.

Planned figures.

Annex IV. Lao P.D.R.: Statistical Issues

Macroeconomic and financial data provided to the Fund have serious shortcomings that significantly hamper surveillance. Priority should be placed on strengthening balance of payments statistics and national accounts, as well as external public debt and subnational fiscal accounts. Greater coordination between the various agencies responsible for compiling macroeconomic statistics is needed. While a General Data Dissemination System (GDDS) coordinator has been appointed, the authorities have yet to finalize the GDDS metadata and a strategy for statistical improvement. Macroeconomic and financial data are published in periodic reports by the National Statistical Center (NSC) and the Bank of Lao P.D.R. (BoL). National Accounts

National Accounts

National accounts comprise annual estimates of GDP by activity at current and constant 1990 prices, broadly following the System of National Accounts 1968. The lack of regular surveys and use of inadequate methods to collect and compile comprehensive data on current economic activities limit the coverage and reliability of the GDP estimates. The estimates rely heavily on production and volume indicators collected by line ministries. With support from the Swedish International Development Agency, the Lao Expenditure and Consumption Survey 2002–03 (LECS) was finalized and released in 2005. In recent years, the NSC has made some progress in improving the quality of source data, including the implementation of annual enterprise and household surveys. In late 2006, a Statistics Department (STA) regional advisor identified data gaps in the source data and issues on data quality, which need to be addressed as well as in estimates of deflators and expenditures.


The NSC compiles a monthly CPI, with the latest basket introduced in January 2006 using the results of the 2002/03 LECS. Similar to earlier CPI series, the consumption basket only includes goods and services purchased in the market (i.e., excludes own consumption).

Government Finance

The Ministry of Finance’s (MOF) Budget Department produces monthly, quarterly, and annual revenue and expenditure statistics. Most data are recorded on a cash basis. Data on external and domestic debt are compiled by its External Financial Relations Department and Budget Departments. Debt data are comprehensive and available by type of debt holder and instrument. Efforts are being made to further improve coverage, particularly relating to state-owned enterprises’ debt.

Overall, government finance statistics remain weak, with significant scope to improve their accuracy, coverage, and timeliness. Annual budget and outturn data are also not disseminated according to international standards. Greater decentralization in 2000/01 further complicated the timely reporting of fiscal data, as province monitoring systems are weak and skilled staff limited. The social security fund and off-budget activities are also not included in fiscal data.

In 2004, an STA mission recommended improvements to the quality of fiscal statistics and developed a roadmap for eventual migration to Government Finance Statistics Manual 2001. Currently, no fiscal data are reported for publication in the Government Finance Statistics Yearbook or International Financial Statistics.

Monetary Statistics

The monetary and financial statistics mission in 2004 identified a number of problems in the compilation of monetary statistics and made further recommendations on sectorization, classification, and valuation. It also proposed improvement in the chart of accounts for BoL and commercial banks, and reconciliation of monetary and government finance statistics. Many of the recommendations of the mission have yet to be implemented, including those related to sectorization of the commercial bank balance sheet. In addition, the authorities have not submitted test data in the format of Standardized Report Forms that embody the methodology of the Monetary and Financial Statistics Manual.

Balance of Payments

Balance of payments (BOP) statistics are compiled on a quarterly and annual basis by the BoL, with inputs from the NSC, MOF, and Ministry of Planning and Investment, as well as commercial banks. Currently, certain major activities are unreported, with improvements needed in all major categories of the current account, as well as foreign direct investment and private capital flows. Data reconciliation as reported in the fiscal accounts and BOP on external loans and grants also needs to be strengthened.

New customs procedures adopted in 2000 by the MOF’s Customs Department (with Fiscal Affairs Department technical assistance) have yet to produce more accurate trade data on a regular basis, due to technical reasons. More timely and accurate BOP estimates also require improved coordination among agencies involved in their compilation. The government of Japan is providing technical assistance to address some of these issues.

The BoL reports to the STA quarterly BOP data once a year in a highly aggregated format that makes difficult their re-dissemination through STA’s publications (International Financial Statistics and Balance of Payments Statistics Yearbook). The last published data correspond to 2001.

Lao P.D.R.: Table of Common Indicators Required for Surveillance(As of June 23, 2008)
Date of





Frequency of

Reporting 7
Frequency of

Exchange Rates06/23/0806/23/08DDD
International Reserve Assets and Reserve


Liabilities of the Monetary Authorities
Apr 200806/16/08MMI
Reserve/Base MoneyApr 200806/16/08MMM
Broad MoneyApr 200806/16/08MMM
Central Bank Balance SheetApr 200806/16/08MMM
Consolidated Balance Sheet of the Banking SystemApr 200806/16/08MMM
Interest Rates 2Apr 200806/04/08MMI
Consumer Price IndexMay 200805/29/08MMM
Revenue, Expenditure, Balance and Composition of Financing 3—General Government 4Dec 200703/14/08MMI
Stocks of Central Government and Central

Government-Guaranteed Debt57

Sep 200705/02/08AAI
External Current Account BalanceQ1 200806/20/08QQI
Exports and Imports of Goods and ServicesQ1 200806/20/08QQI
Gross External DebtDec 200703/13/08QQI
International Investment Position 6NANANA

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.

Foreign and domestic bank, nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Includes currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.

Foreign and domestic bank, nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Includes currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Annex V. Lao P.D.R.: Millennium Development Goals Indicators, 1990–2015
Eradicate extreme poverty and hunger(2015 target= halve 1990 $1 a day poverty and malnutrition rates)
Population below $1 a day (%)53.031.327.025.8[26.5]
Poverty gap at $1 a day (%)6.1
Percentage share of income or consumption held by poorest 20%7.68.1
Prevalence of child malnutrition (% of children under 5)4040
Population below minimum level of dietary energy consumption (%)[14.5]
Achieve universal primary education(2015 target= net enrollment to 100)
Net primary enrollment ratio (% of relevant age group)61.470.081.482.885.084.4[100]
Percentage of cohort reaching grade 5 (%)53.355.462.364.162.663.0[100]
Youth literacy rate (% ages 15-24)[100]
Promote gender equality(2005 target= education ratio to 100)
Ratio of girls to boys in primary and secondary education (%)75.377.881.[100]
Ratio of young literate females to males (% ages 15-24)[100]
Share of women employed in the nonagricultural sector (%)42.1
Proportion of seats held by women in national parliament (%)69212123232325
Reduce child mortality(2015 target = reduce 1990 under 5 mortality by two-thirds)
Under 5 mortality rate (per 1,000)163134105100918379[54.3]
Infant mortality rate (per 1,000 live births)1201059087826562
Immunization, measles (% of children under 12 months)32685055423641
Improve maternal health(2015 target = reduce 1990 maternal mortality by three-fourths)
Maternal mortality ratio (modeled estimate, per 100,000 live births)650650650405[162.5]
Births attended by skilled health staff (% of total)19.4
Combat HIV/AIDS, malaria and other diseases(2015 target= halt, and begin to reverse, AIDS, etc.)
Prevalence rate of HIV, females (% ages 15-24)0.10.1[0.0]
Contraceptive prevalence rate (% of women ages 15-49)25.1
Number of children orphaned by HIV/AIDS280
Incidence of tuberculosis (per 100,000 people)162159158156155[0.0]
Tuberculosis cases detected under DOTS (%)244046475568
Ensure environmental sustainability
Forest area (% of total land area)56.754.469.9
Nationally protected areas (% of total land area)
GDP per unit of energy use (PPP $ per kg oil equivalent)
CO2 emissions (metric tons per capita)
Access to an improved water source (% of population)[74.0]
Access to improved sanitation (% of population)[60.0]
Access to secure tenure (% of population)
Develop a global partnership for development
Youth unemployment rate (% of total labor force ages 15-24)5.0
Fixed line and mobile telephones (per 1,000 people)1.63.915.[Increase]
Personal computers (per 1,000 people)[Increase]
General indicators
Population (millions)
Gross national income ($ billions) 1/
GNI per capita ($)200370315318372431440500
Adult literacy rate (% of people ages 15 and over)56.560.668.766.468.769.0
Total fertility rate (births per woman)
Life expectancy at birth (years)49.751.853.754.554.755.356.0
Aid (% of GNI)17.317.614.515.914.711.311.4
External debt (% of GNI)204.3123.2150.0165.2108.4104.7103.099.5
Investment (% of GDP) 1/13.526.022.126.627.430.431.431.1
Trade (% of GDP) 1/35.860.667.565.365.573.178.087.0
Sources: Millennium Development Goal Indicators (; World Development Indicators database and World Bank, 2007; World Resources Institute (

IMF staff estimates.

Sources: Millennium Development Goal Indicators (; World Development Indicators database and World Bank, 2007; World Resources Institute (

IMF staff estimates.

Prepared by the staff of the World Bank. Contact person: Ms. Ekaterina Vostroknutova, Senior Economist, Poverty Reduction and Economic Management Department, East Asia and Pacific Region, email:

Prepared by the Asian Development Bank.

Other Resources Citing This Publication