Cambodia's leader says foreign reserves top US$1 billion
The Associated Press
PHNOM PENH, Cambodia: Cambodia's foreign currency reserves have climbed to more than US$1 billion (€760 million) due to constant economic growth over the last decade, Prime Minister Hun Sen said Tuesday.
The reserves of US$1.097 billion (€834 million) at the end of 2006 have increased 10-fold from US$100 million (€76 million) in 1994, when the country was still caught up in a civil war.
The country's annual per capita income also rose to US$500 (€380) last year, up from US$247 (€188) in 1994, Hun Sen said Tuesday.
"All of the above factors reflect the success of reforms (the government) has been strictly implementing," Hun Sen said.
Cambodia remains one of the world's poorest countries, where 35 percent of its 14 million people live below a national poverty line of 50 U.S. cents (40 euro cents) a day.
And Cambodia's neighbors have far greater foreign exchange reserves: China has more than US$1 trillion and Thailand has more than US$67 billion.
Since the war ended with the collapse of the Khmer Rouge movement in 1999, the economy, fueled largely by the garment industry, has grown at an average 9.5 percent annually, according to the government.
Last year's growth was 10.4 percent, lower than the 13.5 percent in 2005 but still one of the highest rates in Asia.
Nonetheless, the country still relies on about US$500 million (€380 million) of annual foreign aid for development.
While acknowledging Cambodia's economic growth, donors have often deplored the growing gap between the rich and poor, and lashed out at the government for failing to enact a long-delayed law for combatting rampant corruption.
Hun Sen said Tuesday the fight against corruption and reforming the judiciary are the government's "key priority."
But he gave no indication when a draft of the anti-corruption law would be forwarded to lawmakers, saying only that it was "at the final stage of careful consideration" by the government.
The reserves of US$1.097 billion (€834 million) at the end of 2006 have increased 10-fold from US$100 million (€76 million) in 1994, when the country was still caught up in a civil war.
The country's annual per capita income also rose to US$500 (€380) last year, up from US$247 (€188) in 1994, Hun Sen said Tuesday.
"All of the above factors reflect the success of reforms (the government) has been strictly implementing," Hun Sen said.
Cambodia remains one of the world's poorest countries, where 35 percent of its 14 million people live below a national poverty line of 50 U.S. cents (40 euro cents) a day.
And Cambodia's neighbors have far greater foreign exchange reserves: China has more than US$1 trillion and Thailand has more than US$67 billion.
Since the war ended with the collapse of the Khmer Rouge movement in 1999, the economy, fueled largely by the garment industry, has grown at an average 9.5 percent annually, according to the government.
Last year's growth was 10.4 percent, lower than the 13.5 percent in 2005 but still one of the highest rates in Asia.
Nonetheless, the country still relies on about US$500 million (€380 million) of annual foreign aid for development.
While acknowledging Cambodia's economic growth, donors have often deplored the growing gap between the rich and poor, and lashed out at the government for failing to enact a long-delayed law for combatting rampant corruption.
Hun Sen said Tuesday the fight against corruption and reforming the judiciary are the government's "key priority."
But he gave no indication when a draft of the anti-corruption law would be forwarded to lawmakers, saying only that it was "at the final stage of careful consideration" by the government.
4 comments:
Ah Khvak still boasts Cham Chea Ot Pouch Meon Wey. Cambodia receives at least $500,000,000 from foreign donors each year. Of course he does not say how much money he took for his own pocket from those tycoons each month. The amount per capita is $500 dollars, but that's only on the paper that he lies. There are so many Cambodians who earn less than $25 a month ($300/year). The growing gap between rich and poor is wider.
He talks about fighting corruption, but the anti-corruption law still sits on his desk for thirteen years. It's as dusty as his mind. It's rediculous. He never wants that law passed because his whole See PEE PEE system is soooo corrupted to the bone. This is not the government of the people, for the people, by the peole. It is the government that buy the people to kill the people. That's why he deserve to be hung like Hussein of Iraq.
Hun Sen said Tuesday the fight against corruption and reforming the judiciary are the government's "key priority."
A Liar "sweet mouth, but bitter butt"
ah choi mrai hun senn says anything he likes. nee jerk policy is his speciality.
even if the gdp goes up to $1 million per capita, the poor will always be poor. look at aerabiccountry whee oil is rich, high capita, controled by top elites, the figure divided by the whole country, you will get good result, but per capital result is very misleading, ifyou don't know the whole picture.
ah khwak love to show his shiity outcome. i could do better if he stepped out.
Well, if you want everyone to be
rich and comfy, just take two
table spoons of cyanide and within
minute, it will happened. Get it?
There will not be any poverty
anywhere, no diseases, HIV/AIDS,...
because you will be in out of
this world.
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