PHNOM PENH, Nov. 19 (Xinhua) -- The International Monetary Fund (IMF) has canceled 82 million U.S. dollars of debt owed by Cambodia, a senior official said here Monday.
The debt cancellation is for the National Bank of Cambodia, because "we have worked with good results and our achievements are great," said Keat Chhon, Minister of Finance and Economy, at a workshop on national budget preparation for 2008.
IMF has the principle of deleting debt for the national banks of some countries like Cambodia, he said.
"IMF wants to encourage us to work better, so it omitted our debt," he added.
Since the 1990s, Cambodia has borrowed money from IMF to strengthen its financial balance.
Half budget of the kingdom used to be met by donor countries and international institutions like IMF.
The debt cancellation is for the National Bank of Cambodia, because "we have worked with good results and our achievements are great," said Keat Chhon, Minister of Finance and Economy, at a workshop on national budget preparation for 2008.
IMF has the principle of deleting debt for the national banks of some countries like Cambodia, he said.
"IMF wants to encourage us to work better, so it omitted our debt," he added.
Since the 1990s, Cambodia has borrowed money from IMF to strengthen its financial balance.
Half budget of the kingdom used to be met by donor countries and international institutions like IMF.
2 comments:
That's much better!
I told you not to worry about debt, didn't I?
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