Cambodia's forex reserves top 1.6 billion dollars - PM
PHNOM PENH (Thomson Financial) - Cambodia's foreign currency reserves have topped the 1.6-billion-dollar mark due to robust economic growth over the last decade, Prime Minister Hun Sen said Wednesday.
Hun Sen said the country's international reserves increased by nearly 700 million dollars this year.
'As of yesterday, our international reserves had reached 1.69 billion dollars,' the premier announced during a graduation ceremony.
He noted that the country had started without any reserves in 1979 when the Khmer Rouge were driven from power.
'By the middle of next year, our international reserves will reach 2 billion dollars,' Hun Sen said.
While still one of the world's poorest countries, Cambodia has emerged from decades of conflict as one of Asia's rising economies.
It has posted annual economic growth averaging 11 percent over the past three years on the back of strong garment and tourism sectors.
The country's economy is expected to grow by 9.0 percent in 2007, according to the International Monetary Fund.
Nonetheless, the kingdom still needs at least 500 million dollars from foreign aid annually for development.
Cambodia remains a largely cash-only economy and a high degree of mistrust keeps many people hoarding their money at home instead of using the banks.
Nearly one third of Cambodia's 14 million people survive on only 50 US cents a day or less.
While acknowledging Cambodia's economic growth, the World Bank in June warned that the country continues to face a wide wealth gap that leaves rural villagers poor.
Hun Sen said the country's international reserves increased by nearly 700 million dollars this year.
'As of yesterday, our international reserves had reached 1.69 billion dollars,' the premier announced during a graduation ceremony.
He noted that the country had started without any reserves in 1979 when the Khmer Rouge were driven from power.
'By the middle of next year, our international reserves will reach 2 billion dollars,' Hun Sen said.
While still one of the world's poorest countries, Cambodia has emerged from decades of conflict as one of Asia's rising economies.
It has posted annual economic growth averaging 11 percent over the past three years on the back of strong garment and tourism sectors.
The country's economy is expected to grow by 9.0 percent in 2007, according to the International Monetary Fund.
Nonetheless, the kingdom still needs at least 500 million dollars from foreign aid annually for development.
Cambodia remains a largely cash-only economy and a high degree of mistrust keeps many people hoarding their money at home instead of using the banks.
Nearly one third of Cambodia's 14 million people survive on only 50 US cents a day or less.
While acknowledging Cambodia's economic growth, the World Bank in June warned that the country continues to face a wide wealth gap that leaves rural villagers poor.
7 comments:
The Cambodia is better off if the country is governed by the multi-international team. Just look at the ECCC process. Even with corruption in place, some KR leads are in prison.
Sen’s government is governed by the Vietnamese. That is why it does not have its own destination. It almost does not matter to how much money internal had in reserve; the peoples are always poor in many areas. The areas live by the government heads are quite developed. The gaps are widen
As smart as Sen can manipulate the country and the internationals, he ought to see what he can do to help Cambodians. I think he is a lot smarter than Ranarith and Sihanoulk.
I just have to laugh at this article! AH HUN SEN has been in power for 30 years and Cambodia just has $1.6 billion in reserve?
Not to mention that Cambodia still get $500 million from foreign aid every year and also the corruption which cost Cambodia around $500 million a years and all the devastation to Cambodian natural resources!
All in all there is nothing to be proud of under AH HUN SEN economic miracle because dirt poor Cambodian still on "50 US cents a day or less"
AH HUN SEN needs to stop boasting about his achievement because it only embarrasses dirt poor Cambodian people in front of international community!
As a human AH HUN SEN has no shame!
only fools will be proud of this achievement.
Fuck all the NGOs; these organizations should not be in Cambodia. These groups are corrupt just like the government that they're against.
Fuck you all NGOs! Go back to where you belong, and get a real job, and stop fucking in Cambodia; you can do shit in this country.
Fuck you all!
$1.69 billion for a population of more than 14 million. This is a joke -- right?!
Come on, folks! We can do better than that.
Also, I think we lost our grip with the reality.
$1.69 BILLION THAT BETTER.
BUT IF ONLY 50% OF MONEY EARNEDMARK TO GO INTO THE STATE COFFIN, THE NATIONAL RESERVE BY THIS YEAR 2008 END WOULD BE $4.27-$4.66 BILLION. HOW THAT SOUND.
75% EARNED WILL BE CALCULATED INTO $6.34-$ 6.86 BILLION BY THIS YEAR END.
Everything is easier to say than done.
Theoretically, your equation appeared to be inert and retarded; also, it will certainly impede your thinking process.
Let's try again.
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