Cambodia held a symposium on the partnership with the Asian Development Bank (ADB) to build an integrated and sound financial system here on Thursday.
"Today's symposium marks an important milestone in the history of Cambodia's financial sector reform and development," Arjun Goswami, ADB Country Director in Cambodia, said in his opening remarks.
"Not only have we got the privilege of having Prime Minister Hun Sen to grace the occasion and formally launch the Financial Sector Development Strategy 2006-2015, but we also have such a rare opportunity to sit together with such distinguished officials to witness how Cambodia's financial sector came to shape, share its achievements and progress, and discuss the Government's future strategy in continuing the reforms and addressing the challenges, and hear first hand the reform lessons from neighboring countries in this dynamic and fast growing region," Goswami said.
The pace of Cambodia's economic growth rate in recent years, the challenges and competition it faces in the regional area, and most importantly the goal of bringing the large majority of rural Cambodians an affordable and better access to financial services demand all of the participants to maintain the moment of reforms while being cautious of the underling risks and challenges, he said.
The development of the private sector and growth of financial market demand them to deliver quality and effective results of policy, regulatory, institutional and legal reforms necessary for a sustained, sound and vibrant financial system, he added.
The symposium, attended by Chea Chanto, Governor of National Bank of Cambodia, Keat Chhon, Cambodian Minister of Economics and Finance and other government officials, will last a full day.
Source: Xinhua
"Today's symposium marks an important milestone in the history of Cambodia's financial sector reform and development," Arjun Goswami, ADB Country Director in Cambodia, said in his opening remarks.
"Not only have we got the privilege of having Prime Minister Hun Sen to grace the occasion and formally launch the Financial Sector Development Strategy 2006-2015, but we also have such a rare opportunity to sit together with such distinguished officials to witness how Cambodia's financial sector came to shape, share its achievements and progress, and discuss the Government's future strategy in continuing the reforms and addressing the challenges, and hear first hand the reform lessons from neighboring countries in this dynamic and fast growing region," Goswami said.
The pace of Cambodia's economic growth rate in recent years, the challenges and competition it faces in the regional area, and most importantly the goal of bringing the large majority of rural Cambodians an affordable and better access to financial services demand all of the participants to maintain the moment of reforms while being cautious of the underling risks and challenges, he said.
The development of the private sector and growth of financial market demand them to deliver quality and effective results of policy, regulatory, institutional and legal reforms necessary for a sustained, sound and vibrant financial system, he added.
The symposium, attended by Chea Chanto, Governor of National Bank of Cambodia, Keat Chhon, Cambodian Minister of Economics and Finance and other government officials, will last a full day.
Source: Xinhua
2 comments:
The development of the fincial sector requires first and foremost the rule of law with an independent judiciary and the highest degree of integrity in both the pulic and the private sectors.
LAO Mong Hay, Hong Kong
Dear Dr. Lao,
Probably this is just more talking and free lunch at a nice hotel. I hope I am wrong though; and they would pass a law that would strenghen the rule of law rather than depending on the rule of man. Look what happened to Nararidh. He failed to understand this simple rule that you continue to avocate.
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