[Field News] Laos, a 'pillar of debt', is facing severe living difficulties due to skyrocketing prices

AFP reported on the 17th (local time) that living difficulties are worsening in Laos as prices are soaring by more than 20% annually. The diagnosis is that this is due to the massive debt incurred due to participation in China's Belt and Road Initiative (a land and sea Silk Road connecting China, Central Asia, and Europe).

According to the Asian Development Bank (ADB), the consumer price inflation rate in Laos soared from 23% in 2022 to 31% last year, and is expected to continue to soar to 25% this year.

(Omitted)

As living difficulties worsen, nearly one in three children under the age of five in Laos have stunted growth due to malnutrition, according to the ADB. This malnutrition rate is the highest in the world.

The background to the difficulties of the Laotian economy is the large debt incurred due to China’s participation in the Belt and Road Initiative.

(Omitted)

Laotian authorities have recently raised the benchmark interest rate and implemented austerity measures to curb soaring prices.

In response, the World Bank pointed out that the Laotian government has stabilized its finances to some extent, but mainly through debt repayment deferrals and restrictions on spending on health, education, and welfare.

It then advised that austerity measures would have long-term detrimental effects on the Laotian economy, and instead, tax reduction benefits should be reduced to increase tax revenue and attempt debt restructuring.

Source: Yonhap News

And do not seek what you are to eat and what you are to drink, nor be worried. For all the nations of the world seek after these things, and your Father knows that you need them. Instead, seek his kingdom, and these things will be added to you. (Luke 12:29-31)

Lord, we hear news that prices in Laos are continuing to soar and that living difficulties are becoming more severe.

We also hear heartbreaking news that some Laotian children are stunted due to malnutrition in a situation where no one can buy nor sell.

Laos has incurred a huge debt due to its participation in China’s Belt and Road Initiative, and Laos has also been burdened with enormous debt interest.

However, Jesus says, “Do not seek what you are to eat and what you are to drink, nor be worried.”

Jesus is the one who knows what the souls of Laos need most. We believe that what they need most now is the eternal kingdom of God.

Although everyone in Laos is hurting, worried, and anxious about this matter, please let the Laotian people rise up as people who seek the kingdom of God and righteousness through this time. For this purpose, may the global church send those who will spread the gospel to Laos!

May the Laotian people rise up as people who entrust all their worries and concerns to the Lord and experience the Lord who adds everything when they seek the kingdom of God and righteousness!

We declare that the unshakable eternal kingdom of God has come to the Laotian people!

Now, may God use the Laotian people as a powerful army to bring this kingdom of God to all peoples!

May the 7,000 missionaries in Laos rise up and advance to all peoples!!