Phnom Penh Thursday, 17 March 2011
"Hor Namhong requested that debt be lowered by 70 percent, to about $133 million, and that interest be lowered from 3 percent to 1 percent."
Cambodia has asked the US to decrease its Lon Nol-era debt and to decrease the interest rate on the balance, officials said Thursday.
Foreign Minister Hor Namhong met with US Deputy Assistant Secretary of State Joseph Yun, who is in charge of Asia Pacific, on Thursday, over some $445 million in debt accrued during the Lon Nol era.
Hor Namhong requested that debt be lowered by 70 percent, to about $133 million, and that interest be lowered from 3 percent to 1 percent, officials said after the meeting.
The war-era debt has been a sticking point in bilateral relations between the countries. Cambodian officials have said they should not have to repay the debt, which was accumulated by a pre-Khmer Rouge era government. Prime Miniser Hun Sen calls the war-era debt “dirty.”
Foreign Ministry spokesman Koy Kuong said Cambodia has changed its position on the debt in order to reach an agreement.
The US has said countries typically must repay such debts, despite changes of leaders or regime. However, in a visit in November, US Secretary of State Hillary Clinton said officials would revisit the debt question.
Following Thursday’s discussion, Yun said he would take the new debt request back to Washington, according to Cambodian officials present. Yun was not available to reporters following the meeting.
US Embassy spokesman Mark Wenig said in a statement a debt agreement “would enhance Cambodia’s credit worthiness and ability to access international capital markets.”
8 comments:
Only God knows. The corrupt government should claim bankruptcy so it can ignore the debt. For years it has been trying in vain to avoid the debt, but all old tricks don't work at all. What a shame!
Fuck this government. stop the corruption! bring that money back to the people. Stop Hun Sen!
The US should be paying Cambodia for all it's bombing strarting in 68.
When the time passed by, we forgot what really happenned back then.
If I remember correctly, for all the US aid to Cambodia during that time, did not reach Cambodian people. You can check CIA file to confirm the fact.
Cambodian need to ask former Lon Nol ministers and millitary officers to declare their asset. You can do it with the help of the US.
Cambodia can use some of those assets to pay for the debt.
Don't you think it is fair for Cambodian ?????
8:47pm
"The fox knew too much, that's how he lost his tail". Please save your breath and get the payment ready.
it should be about cambodia, the country, not about attacking any political group or punishing any political group, really! think about it! i think the debts should be diverted to humanitarian assistance in cambodia as cambodia still needs a lot of reforms in the social services areas, etc. for america, it's not the money, it's the principle that matters more, here.
12:24
"Pardoning the bad(corrupt)injuring the good(incorruptible)".
The party that has power over Cambodia MUST pay off the debt. And the principle is every is equal before the law,but not Hun Sen's law.
The notorious dictator has the guts calls the debt "dirty". Is the bribeable money he keeps swallowing for 3 decades clean or filthy? It's time he realized that his dream of avoiding the debt can never come true.
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