ABC Radio Australia
Cambodia says its foreign currency reserves have risen above two and a half billion US dollars, despite forecasts that the country's economy would contract this year.
Prime Minister Hun Sen says his country has increased its international reserves by more than 20 per cent since the end of 2008.
His comments came during a speech marking the 30th anniversary of the rebuilding of the country's national bank, which was destroyed by the Khmer Rouge.
In September the International Monetary Fund (IMF) predicted Cambodia's economy would contract by two-and-three-quarters percent this year because of the impact of the global economic slowdown.
But the IMF praised the national bank for its supervision of commercial banks hit by non-performing loans.
Prime Minister Hun Sen says his country has increased its international reserves by more than 20 per cent since the end of 2008.
His comments came during a speech marking the 30th anniversary of the rebuilding of the country's national bank, which was destroyed by the Khmer Rouge.
In September the International Monetary Fund (IMF) predicted Cambodia's economy would contract by two-and-three-quarters percent this year because of the impact of the global economic slowdown.
But the IMF praised the national bank for its supervision of commercial banks hit by non-performing loans.
4 comments:
Yes, things are definitely improving in Cambodia. Just ask the garment factory workers.
But if HUN SEN created Cambodian Economy before Vietnam how come YOUN is doing better in economy??
Come on!
Why the hell we are behind them like 300 steps.
If you economy or Hun Sen under YOUN, he should at least just 3 steps behind them not 300 steps.
Hey, HUN SEN will be like Ex Malaysia PM (Mahamadd Mahithir).
Mr. Hun Sen has either failed to speak the truth or tended to hide the facts behind the number when he only mentioned CAMBODIA'S foreign currency reserves have increased. In fact, this increased figure may have resulted from more loans from countries like China that children of our children will have to pay back with interest in the future. If this is the case, this figure should not be viewed as healthy unless wisely used in a productive, corruption-free way. However, it would be a good economic indicator if Mr. Hun Sen could show to the public that this increase has actually come in the form of foreign or domestic investments.
Khmer Student
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