Economic reforms began in the early 1990s and included an extensive programme of privatisation. These initially attracted the support of the IMF but the government's failure to meet successive financial targets led to a withdrawal of the Fund's support in 1998. Compounded by the regional financial crisis, the economy was in serious difficulties by the beginning of 1999 with 100 per cent annual inflation, a collapsed currency value and a desperate shortage of foreign and domestic currency. Since then, a mild recovery has taken place but the economic prospects are still uncertain. Laos is a member of the Asian Development Bank and the Colombo Plan, which promotes economic and social development in Asia and the Pacific.
Punctuality is appreciated.
Lightweight suits, shirt and tie should be worn. English is not spoken by all officials and a knowledge of French will be useful. Business cards should have a Laotian translation on the reverse. Best time to visit is during the dry season, from November to April. Terms and Conditions apply.