Nationwide elections to be funded without foreign aid: premier

Wednesday, 02 May 2012
Vong Sokheng
The Phnom Penh Post

Cambodia has rid itself of a culture of dependency and has full resources to run the upcoming nationwide elections, the first to be fully-funded by the Cambodian government, the premier said yesterday.

Speaking at the inauguration of the Sihanoukville Port Special Economic Zone, Prime Minister Hun Sen, who has been in or near the seat of power since the fall of the Khmer Rouge, said the Kingdom was well-prepared to run the upcoming June commune elections.

“The culture of depending on foreign aid should be reduced because we need to be owned by ourselves in accordance with the sustainable practice of democracy in Cambodia,” Hun Sen said. “If there is foreign assistance, it would be good, but if not we still run the election.”

When the animal kingdom imitates the human kingdoom ... bananas are sure to be found nearby?!

The prime minister of the kingdoom of Cambodia is not the only one begging, even monkeys in the kingdom know how to beg. This monkey is forced by its owner to beg on the staircase leading to Phnom Preah Reachtrop in Uddong. (Photo: Everyday.com.kh)

With $1.69 billion in foreign reserve, Cambodia is still a dirt poor begging country ... by International standard

12.26.07
Cambodia's forex reserves top 1.6 billion dollars - PM

PHNOM PENH (Thomson Financial) - Cambodia's foreign currency reserves have topped the 1.6-billion-dollar mark due to robust economic growth over the last decade, Prime Minister Hun Sen said Wednesday.

Hun Sen said the country's international reserves increased by nearly 700 million dollars this year.

'As of yesterday, our international reserves had reached 1.69 billion dollars,' the premier announced during a graduation ceremony.

He noted that the country had started without any reserves in 1979 when the Khmer Rouge were driven from power.

'By the middle of next year, our international reserves will reach 2 billion dollars,' Hun Sen said.

While still one of the world's poorest countries, Cambodia has emerged from decades of conflict as one of Asia's rising economies.

It has posted annual economic growth averaging 11 percent over the past three years on the back of strong garment and tourism sectors.

The country's economy is expected to grow by 9.0 percent in 2007, according to the International Monetary Fund.

Nonetheless, the kingdom still needs at least 500 million dollars from foreign aid annually for development.

Cambodia remains a largely cash-only economy and a high degree of mistrust keeps many people hoarding their money at home instead of using the banks.

Nearly one third of Cambodia's 14 million people survive on only 50 US cents a day or less.

While acknowledging Cambodia's economic growth, the World Bank in June warned that the country continues to face a wide wealth gap that leaves rural villagers poor.