Thursday, 07 May 2009Written by Sam Rainsy
Letter to The Phnom Penh Post
Dear Editor,
In "ADB to launch $3bn fund" (May 4, 2009), the final paragraph elaborates on how governments in Asia are battling the global economic crisis. "Governments across the region have boosted spending and slashed interest rates in a bid to stimulate domestic demand to offset crashing external demand for exports."
The above assertion does not apply to Cambodia, where there has been no significant increase in government spending over the last 12 months, while interest rates have remained practically unchanged at a very high level: up to 8 percent per annum for deposits in US dollars and up to 30 percent per annum for loans also in US dollars, given that some 95 percent of the money supply is made up of greenbacks.
Even though the state budget for 2009 - as approved by the National Assembly last December ($1.75 billion) - shows a 28 percent increase on paper over the 2008 budget ($1.37 billion), its actual implementation indicates no significant increase, if any, over last year's spending. The shortfall in expenditure is due to a shortfall in revenue associated with the current economic slump.
As of today, the government has informed the National Assembly of no plan whatsoever to update, revise or adjust its budget as a possible reaction to the current economic and financial situation, which keeps deteriorating. I am only talking about the regular state budget as adopted every year by the National Assembly. I am not referring to any special measure, budget or plan.
Contrary to all neighbouring countries, no economic stimulus package has been conceived and implemented to cope with the world economic meltdown. The government has apparently no comprehensive and consistent plan to face the unfolding crisis.
I, therefore, insist that the government shows responsibility and seriously considers the $500 million economic stimulus package that I have suggested (see "SRP calls for government bailout" in the January 19 edition of the Post).
This $500 million package would be the first emergency measure designed to alleviate the fallout from the world crisis and to prevent economic, social and political upheavals with incalculable consequences for Cambodia's stability and long-term development.
Sam Rainsy
Member of Parliament
The above assertion does not apply to Cambodia, where there has been no significant increase in government spending over the last 12 months, while interest rates have remained practically unchanged at a very high level: up to 8 percent per annum for deposits in US dollars and up to 30 percent per annum for loans also in US dollars, given that some 95 percent of the money supply is made up of greenbacks.
Even though the state budget for 2009 - as approved by the National Assembly last December ($1.75 billion) - shows a 28 percent increase on paper over the 2008 budget ($1.37 billion), its actual implementation indicates no significant increase, if any, over last year's spending. The shortfall in expenditure is due to a shortfall in revenue associated with the current economic slump.
As of today, the government has informed the National Assembly of no plan whatsoever to update, revise or adjust its budget as a possible reaction to the current economic and financial situation, which keeps deteriorating. I am only talking about the regular state budget as adopted every year by the National Assembly. I am not referring to any special measure, budget or plan.
Contrary to all neighbouring countries, no economic stimulus package has been conceived and implemented to cope with the world economic meltdown. The government has apparently no comprehensive and consistent plan to face the unfolding crisis.
I, therefore, insist that the government shows responsibility and seriously considers the $500 million economic stimulus package that I have suggested (see "SRP calls for government bailout" in the January 19 edition of the Post).
This $500 million package would be the first emergency measure designed to alleviate the fallout from the world crisis and to prevent economic, social and political upheavals with incalculable consequences for Cambodia's stability and long-term development.
Sam Rainsy
Member of Parliament
4 comments:
sometime the way i see, cambodia can learn from SRP people too. sometimes, they too, do have good ideas for cambodia to improve, etc... why not take what's good and discard the rest that are bad or problematic. thank you and god bless cambodia.
ខ្ញុំមិនយលព្រមថាលោកសមរង្សីគឺជាអ្នកនរយោបាយល្អទេពីប្រោះគាត់បានតែប្រឆាំងខុសនឹងពាក្យ
ពិត។គាត់មិនដែលប្រឆាំងធ្វើឲ្យស្រុកខ្មែរជឿនលឿនទេគាត់ប្រឆាំងធ្វើឲ្យស្រុកខ្មែរអាប់កេរ្ត៍ឈ្មោះនៅ
លើពិភពលោក។ដួច្នេះហើយបានជាដីខ្មែរយូរទៅ
នៅមួយបង្វិច។ដួចក្នុងសម័យសឿមយកដីខ្មែរយួនយកដីខ្មែរឥញ្ចឹងតាំងពីពួកគេពុំមានដីរហូតដល់
បានដីធំជាងម្ចាស់ផ្ទះទៅទៀត។នេះហើយប្រឆាំង
ក្នុងការច្រណែននិន្ទារគ្នានឹងគ្នា។បើគាត់ប្រឆាំងថា
គេធ្វើស្ពានទទឹង១៥ម៉ែត្រគាត់មិនយល់ព្រមទេ
ត្រូវធ្វើឲ្យបាន៣០ម៉ែត្រទើបប្រឆាំងមានការចំរើន
ប្រទេសជាតិ។ប៉ុន្តែគាត់ប្រឆាំងគេចង់ធ្វើស្ពាន
គាត់ពុំឲ្យគេធ្វើដួច្នេះគឺគ្មានជួយជាតិបន្តិចសោះ
គឺមានតែបំផ្លាញជាតិទៅវិញទេធ្វើយ៉ាងនេះ។ខ្ញុំចាំតែមើលទេតើថ្ងៃណាទើបបក្សនរយោបាយទាំង
រួបរួមគ្នាស្តាប្រទេសជាតិឡើងវិញ។
I dont think the Cambodia government would give away out of their pocket with billions/millions dollars to improve the economic improvment or given to the poor. you might get lucky few dollars/cents for stimulus package.
5:00am
Are you blind? Have you read his letter in here? He is opposing or recommending? As I know SRP has used recommendation, not opposing. But you and CPP have good understanding to degrade SRP by using such low class rhetoric "opposition party is only opposing, but never do anything?"
I hope you are not one of the manipulators!
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