PHNOM PENH, Dec. 30 (Xinhua) -- A Cambodian lawmaker insisted that most of the 1.5 billion U.S. dollars of debt that Cambodia borrowed from Russia will be scratched, although the lender had denied it, national media said on Tuesday.
This cancellation will potentially reduce almost two-thirds of the debt that the kingdom owed to foreign nations, said English-language daily newspaper the Phnom Penh Post.
Cheam Yeap, chairman of the Committee of Finance, Banking and Audits of the National Assembly, on Monday assured other lawmakers that Russia will cut 70 percent of Cambodia's debt.
If not, Cambodia will still be in good shape financially, he said.
"If Russia doesn't eliminate our debt, Cambodia will continue to repay it and will still be able to ask for additional loans from other countries," he added.
According to the Ministry of Economy and Finance, Cambodia now owes 2.37 billion U.S. dollars to foreign countries, which is equivalent to 23 percent of the country's Gross Domestic Product.
Around 63 percent of the debt is owed to Russia due to loans in the 1980s when the former Soviet Union was a major benefactor to Cambodia.
This cancellation will potentially reduce almost two-thirds of the debt that the kingdom owed to foreign nations, said English-language daily newspaper the Phnom Penh Post.
Cheam Yeap, chairman of the Committee of Finance, Banking and Audits of the National Assembly, on Monday assured other lawmakers that Russia will cut 70 percent of Cambodia's debt.
If not, Cambodia will still be in good shape financially, he said.
"If Russia doesn't eliminate our debt, Cambodia will continue to repay it and will still be able to ask for additional loans from other countries," he added.
According to the Ministry of Economy and Finance, Cambodia now owes 2.37 billion U.S. dollars to foreign countries, which is equivalent to 23 percent of the country's Gross Domestic Product.
Around 63 percent of the debt is owed to Russia due to loans in the 1980s when the former Soviet Union was a major benefactor to Cambodia.
3 comments:
When you borrow, you gotta pay back eventually labong Cheam Yeap. Khaengh labong ainh deng dai?
Time for labong Cheam Yeap ainh to go and tell ah mit Hun Sen to beg for more leoy dolla amaritkang. Haha. Theouy ouy leun!
Tourists always comment how there is an abundant of beggars asking for money in the streets of Phnom Penh, but the biggest beggar of all is ah mit Hun Sen.
Russia should not reduce or cancel any cambodian debt owed to Russia. If Russia is so generous, please await to forgive cambodia some other time. Let the current government keep paying the loan for now.
Any debt you reduce will benefit to only those in power not the needy poor.
Thanks Russia. You are the one that I should say thanks for recusing me from Khmer Rouge.
Dear RUSSIA,
Thanks! for letting cambodia of the hook..now, can we borrow some more? cambodia needs, 200 T-90, 100 TORM1 ANTI-AIR DEFENDS, 20,000 of RPG29, we'll pay you back...
soldier Phnom Trop, cambodia
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