LUANG PRABANG, Laos—Senior finance and central bank officials from Southeast Asia and major economies met on Thursday in the scenic Laotian city of Luang Prabang to discuss ways to help the region build resilience against shocks like the Covid-19 pandemic and natural disasters brought on by climate change.
FARMERS tend their fields in stifling temperatures as surrounding hills are choked by smoke from field and hill fires across the region on April 4, 2024, in Luang Prabang, Laos.
The officials also were set for talks on an Asean infrastructure fund and disaster risk financing and insurance, according to the agenda provided by hosts of the meetings. They have pledged to cut carbon emissions to help reduce the impact of climate change but are struggling to find ways to unlock financing needed to make that transition.
A landlocked country of about 7.5 million people, Laos is rich in hydroelectric power, but its economy has been shrinking in recent years and its national finances are fraught—strained by a heavy load of foreign and domestic debt, a weakening currency and inflation.
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