Monday, 08 June 2009
Written by Kay Kimsong
The Phnom Penh Post
Call comes during official visit to Seoul after Koreans promised $60m in lending Thursday
PRIME Minister Hun Sen is seeking a further US$380 million loan from South Korea for infrastructure projects, Foreign Minister Hor Namhong said at a press briefing Friday upon his return to Phnom Penh International Airport following an official visit to Seoul.
"The Korean Government is considering Hun Sen's proposals for a loan package," Hor Namhong said after landing in Phnom Penh.
"I would like to stress that the country is continuing to grow, despite the economic crisis," he added.
The $380-million loan proposal includes $100 million for a new bridge across the Bassac River from Takhmao and a further $100 million for a Phnom Penh ring road.
The remainder would go towards an irrigation project in Kandal province and a Pursat River reparation project.
Yang Saing Koma, director of the agricultural research body CEDAC, applauded the investment requested for the agriculture sector, adding that better infrastructure would help the country recover from the current economic downturn.
"The government is making agriculture a priority in the country, which is a positive thing," said Yang Saing Koma. "The sector still has huge potential."
He said that the state needs to invest heavily in irrigation, and that only 7 percent of the country's 2,000 irrigation systems are functioning properly.
Opposition concerns
In response to the news, Sam Rainsy Party lawmaker Son Chhay warned that government mismanagement could leave the country saddled with large foreign debts.
The quality of irrigation, roads and other infrastructure is poor, he added, citing the example of National Road 3 that was funded by a South Korean loan.
"Road 3 is very poor quality and cost us $30 million," said Son Chhay. "We owe a lot of money for a project that wasn't properly managed."
He said Cambodia is not sufficiently wealthy to repay the debt. "We must not owe more money that we cannot afford to repay," he said. "I am very concerned about spending loans without proper accountability."
News that the prime minister is seeking a further loan from South Korea comes after Seoul announced on Thursday it would lend the Kingdom $60 million for roads and sewerage, AFP reported.
The two countries held discussions on future loans from South Korea as part of talks in Seoul last week between Hun Sen and his counterpart President Lee Myung-bak held prior to the prime minister's return Friday to Phnom Penh.
Lee asked for permission for South Korean companies to build an industrial park near Sihanoukville during talks, although Cambodia has yet to respond.
PRIME Minister Hun Sen is seeking a further US$380 million loan from South Korea for infrastructure projects, Foreign Minister Hor Namhong said at a press briefing Friday upon his return to Phnom Penh International Airport following an official visit to Seoul.
"The Korean Government is considering Hun Sen's proposals for a loan package," Hor Namhong said after landing in Phnom Penh.
"I would like to stress that the country is continuing to grow, despite the economic crisis," he added.
The $380-million loan proposal includes $100 million for a new bridge across the Bassac River from Takhmao and a further $100 million for a Phnom Penh ring road.
The remainder would go towards an irrigation project in Kandal province and a Pursat River reparation project.
Yang Saing Koma, director of the agricultural research body CEDAC, applauded the investment requested for the agriculture sector, adding that better infrastructure would help the country recover from the current economic downturn.
"The government is making agriculture a priority in the country, which is a positive thing," said Yang Saing Koma. "The sector still has huge potential."
He said that the state needs to invest heavily in irrigation, and that only 7 percent of the country's 2,000 irrigation systems are functioning properly.
Opposition concerns
In response to the news, Sam Rainsy Party lawmaker Son Chhay warned that government mismanagement could leave the country saddled with large foreign debts.
"The Korean Government is considering Hun Sen's proposals.""Loans are a problem ... they are not grants or aid. We have obtained loans for some projects and seen no benefit - that leaves us with a lot of debt," he said.
The quality of irrigation, roads and other infrastructure is poor, he added, citing the example of National Road 3 that was funded by a South Korean loan.
"Road 3 is very poor quality and cost us $30 million," said Son Chhay. "We owe a lot of money for a project that wasn't properly managed."
He said Cambodia is not sufficiently wealthy to repay the debt. "We must not owe more money that we cannot afford to repay," he said. "I am very concerned about spending loans without proper accountability."
News that the prime minister is seeking a further loan from South Korea comes after Seoul announced on Thursday it would lend the Kingdom $60 million for roads and sewerage, AFP reported.
The two countries held discussions on future loans from South Korea as part of talks in Seoul last week between Hun Sen and his counterpart President Lee Myung-bak held prior to the prime minister's return Friday to Phnom Penh.
Lee asked for permission for South Korean companies to build an industrial park near Sihanoukville during talks, although Cambodia has yet to respond.
18 comments:
And the oppositions are too weak to do anything about it.
Kuoy Pichet
Yeah, I want to know why KI keeps on deviously blaming the SRP for the Hun Xen's mischief.
OOOO
Screw ah "thinking-of-screwing" Koy Pichet and ah "Three-balls" (Pong Kd'or Bei) 6:45 AM...Need we say more?
Ah sva Samdach Ach Maha Achow Maciet Hun Sen needs more money so he can have a pay day with his CeePeePee comrades. We all know percentages of this $380m will go into their pockets. Just another way to get quick and easy money for ah Hun Sen, known to sit on the doorsteps of country with an empty rice bowl, begging for money.
You know how much the US debt to other nations?
It owe China, Japan, and Arab states for a total of 1,5 trillion which mean every American owe these three major creditors on average of 5,000 dollars.
KI-Media please don't forget that the computers you use and the chair you are sitting on have only partly paid to China.
To 7:35AM
Why do you think that China, Japan, and Arab states want US consumers to spend their money on their cheap consumer products, cars, and oil and not only that China, Japan, and Arab states are willing to loan them more money to spend so that their factories could keep running which employ thousand of people and the oil revenue in billion of dollar to fund their real estate?
Hey, the world needs the US and the US needs the world!
To 9,12 AM
You got it. Yes simple concept. So Cambodia needs Korea, and vice versa. And the nationals behind this are plenty, but take time to discover.
To: 7:35 AM, actually the total U.S debt was 11.8 trillions dollars, then next year the budget deficit estimate will be 1.8 trillions dollars, Source from inspector accounting general. The gross domestic product annually of U.S was 14 trillions dollars, thus the debt were 80% of GDP, it means each U.S population has owned money to foreign countries about $10000 dollars.
Cambodia debt was about $400 millions dollars thus we should borrow more monies to rebuilt infrastructure.
SRP senior member
To 10.06 AM
According to your figures, it should be:
11.8 trillion /300 million = 39,000
Thus every US citizen owe 39,000 foreign debts.
To: 10:42,
The U.S.A populations were 306,622,714, source U.S. Bureau of census.
SRP senior member
It's not a difficult concept to comprehend when comes to cooperation in terms of investment with other nations, such South Korea.
PPU
To:10:42 AM
17 Mar 09- Congressional Budget Office. U.S budget deficit next year will be 1.75 trillions (Chistian Science Monitor).
Therefore, U.S national debt were
$11,400,652,215,360.15, then U.S population estimated 306,334,920, so each citizen share of debt $37,216.59 dollars. U.S debt continue to increase an average of 3.86 billion per day beginning september 28, 2207.
The source from website u.s.debt.
How much Heng Soy owned his mortgage, car loan, student loan, other financial loan, credit card loan,compare to Cambodia population?
SRP senior member
It is OK to borrow money to build your country, unfortunately your government cannot manage loan money effectively. I can see in Cambodia the rich become richer and the poor become poorer, the one has power enjoys luxury life while the non power lives a misery life.
Just screw ah PPU's mother formely known as "Ph.D from Hanoi"! It's that simple!
Ah Hun Sen get this money to support his government corruptions. He cannot lead our country without begging and loading of out side. After this we will says he is the best who develop the country but infact nothing from him but out sider money that us and our kids need to pay back. Ah idiot, it is too ashame as being a PM and surving the government by begging. You have no face saying that you are a PM since you never survive and lead our country without begging.
it is true that American owe foreigners, but at least American people live better life.
Debt is a way of American and Cambodian-American'ts' lives.
They're expressing themselves by living in a flatulent lifestyle, but in reality they're slave to there mortgages and loans.
PPU: Refused to accept Western Ph.D., and I'm proud of my Hanoi's Ph.D.
Correction and verification for Ah Scum Rainsy--Pi Anh 'PPU': "Their mortgages and loans," not "there mortgages and loans."
Pi Anh: PPU
Post a Comment