Original report from Phnom Penh
11/04/2007
The money earned from oil and gas exploration off the coast of Cambodia will bring royalty money to the country, but there is no guarantee it will reach many Cambodians living in poverty, the government was warned Wednesday.
Cambodian officials have been meeting with oil companies to reach agreements on coastal exploration, and Prime Minister Hun Sen has said Cambodia could earn up to $6 billion by 2010, which could be used for development and poverty reduction. But much of the money could find its way into corrupt pockets, experts warn.
Cambodia has a chance now to avoid the pitfalls encountered by other countries, especially in Africa, which saw oil and gas development lead to negative impacts, Ian Gary, a senior policy adviser for the aid group Oxfam said Wednesday at a workshop in Phnom Penh.
Chiem Yeap, chairman of the National Assembly's finance and banking committee, said it was necessary for Cambodia "to make sure the oil [revenues] go to the people to lift ourselves out of poverty."
Center for Social Development Director Seng Theary warned that "billions of dollars" might go to three or four companies, "but the money might create problems in society. There might be more poor people and more rich people, creating low morale and also dangerous negativity."
Cambodian officials have been meeting with oil companies to reach agreements on coastal exploration, and Prime Minister Hun Sen has said Cambodia could earn up to $6 billion by 2010, which could be used for development and poverty reduction. But much of the money could find its way into corrupt pockets, experts warn.
Cambodia has a chance now to avoid the pitfalls encountered by other countries, especially in Africa, which saw oil and gas development lead to negative impacts, Ian Gary, a senior policy adviser for the aid group Oxfam said Wednesday at a workshop in Phnom Penh.
Chiem Yeap, chairman of the National Assembly's finance and banking committee, said it was necessary for Cambodia "to make sure the oil [revenues] go to the people to lift ourselves out of poverty."
Center for Social Development Director Seng Theary warned that "billions of dollars" might go to three or four companies, "but the money might create problems in society. There might be more poor people and more rich people, creating low morale and also dangerous negativity."
7 comments:
Nothing is perfect, If the wealth
democratically reaches the
majority, then the demotratic
government has done their duty.
Moreover, this aint no nightmare.
I wouldn't sound any false alarm
and cause panic and chaos condition
in the country over this worthless
expert's opinion. When more people
have money to spend, the economy
will further flourished to take
care of those who missed out on
their share. Hence, it is not quite
a sin to God or anything, and I
am sure none of us will be striked
by lightning either.
Hun Sen family's Tela and his friend Sokimex already have their mouth watered. They will become more richer and then they will more money to buy Sarong to distribute to poor people. Cut the tail from the dogs and then give this tail to the hungry dogs! And moreover force them to be grateful to them!
5:00am you talk like you know the statistic of the poor population of Cambodia. Need I to tell you that there are nearly 50% maybe more poor people in cambodia. Obviously you don`t know anything about Economics. More does not mean more for the people. Maybe more members for the CPPs since they can payout more to there slaves, traitors to their own people. Don`t preach God around here, and yes people do get strike by lighting, but you wouldnt know that from reading your comments.
CC, California
Don't worry. Suharto's family will getting richer and richer...
9:O7, what is your point? All I am
saying here is the worse case is
not as bad as it is painted to be.
The more money people have, the
better the economy will be and
everyone will ultimately get
something out of it. So don't get
a heart attack and miss out on
this event, okay?
11:29 There is no difference than the Forest Law. It is suppose to protect the forest instead, they use other loop holes to get permits and cut it off. With this new found wealth, you better hope the CPPs doesnt decide to shove all the international aids out. You saw what he did to that Special UN Envoy.
CC, California
Oh that guys that the UN bought
from one of the corrupted Africa
(Kenya, I think) to bash us. Have
you take a good look at that
country before you give them all
the credit and go against your
own people?
Anyhow, so what if the law fail
to fully protect the forest.
What is the damage? can forest
grow back? Why do you insist on
cutting each other throat for such
a stupid thing?
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