Tuesday, 01 November 2011
Post Staff
Phnom Penh Post
Fund raising
Cambodia could borrow US$1.1 billion from other countries in 2012, 75 per cent more than this year, to help repair infrastructure damaged in flooding and support efforts to increase rice exports to one million tonnes by 2015, a senior official said yesterday.
Cheam Yeap (pictured), chairman of the Finance Commission, said the borrowing, which has to be approved by parliament, would come in the form of concessionary, 40-year loans at low interest rates.
He declined to say which countries might offer the loans but said that of Cambodian’s current debt of around $8 billion, some $6 billion was owed to its closest ally, China. Another $1.5 billion is owed to Russia and $317 million to the United States, he added.
Cheam Yeap said the draft 2012 budget, which also has to go before parliament, includes provisions for new spending of $2.69 billion, up from $2.4 billion this year.
As part of efforts to generate more revenue, the government in the poor Southeast Asian country intends to impose a tax on real estate and is looking at plans to start issuing bonds.
Cambodia is forecast to export 180,000 tonnes of rice in 2011, more than three times last year’s volume.
Experts previously had called for an increase in spending in the coming 2012 budget to assist in flood recovery.
Past national budgets had underspent on allocations to the Ministries of Agriculture, Rural Development and Water Resources, Chea Kimsong, manager of the development issues program at the NGO Forum, told the Post last month.
“What I hope is that when the budget for 2012 [is finalised], there will at least be an increase above the average increase in these areas,” he said.
ADDITIONAL REPORTING BY REUTERS
Cambodia could borrow US$1.1 billion from other countries in 2012, 75 per cent more than this year, to help repair infrastructure damaged in flooding and support efforts to increase rice exports to one million tonnes by 2015, a senior official said yesterday.
Cheam Yeap (pictured), chairman of the Finance Commission, said the borrowing, which has to be approved by parliament, would come in the form of concessionary, 40-year loans at low interest rates.
He declined to say which countries might offer the loans but said that of Cambodian’s current debt of around $8 billion, some $6 billion was owed to its closest ally, China. Another $1.5 billion is owed to Russia and $317 million to the United States, he added.
Cheam Yeap said the draft 2012 budget, which also has to go before parliament, includes provisions for new spending of $2.69 billion, up from $2.4 billion this year.
As part of efforts to generate more revenue, the government in the poor Southeast Asian country intends to impose a tax on real estate and is looking at plans to start issuing bonds.
Cambodia is forecast to export 180,000 tonnes of rice in 2011, more than three times last year’s volume.
Experts previously had called for an increase in spending in the coming 2012 budget to assist in flood recovery.
Past national budgets had underspent on allocations to the Ministries of Agriculture, Rural Development and Water Resources, Chea Kimsong, manager of the development issues program at the NGO Forum, told the Post last month.
“What I hope is that when the budget for 2012 [is finalised], there will at least be an increase above the average increase in these areas,” he said.
ADDITIONAL REPORTING BY REUTERS
6 comments:
keep borrow it and who gonna repay?
It's my children and your children who will work their butts off to repay these debts. Hun Sen doesn't care because he wants as much money as he can get now to spend to consolidate his powers. This is ridiculous that Cambodia owed China nearly $7 billion and no CPP sycophants are barking, but when America asked Cambodia to repay about $400 million, all the CPP sycophants are barking so madly.
DEBT DEBT FUCKING GREAT!!! WE ARE A FUCKING LAUGHING STOCK BECAUSE OF THESE MONGREL DOGS! * BILLION DOLLARS AND COUNTING THATS ABSURD!
We will be paying this debt with our lives, its ashame that the khmer people who were once great, to sink this low, because of these DOGS!
Unethical.
Put the country for sale. How many more years of those moron can live? By the time they died, Cambodia will probably in so much debts and no body wanted it.
កុំសូវព្រួយពេកនាំអាយ៉ូសខ្លី ២ឬ៣ឆ្នាំទៀតពួក
បណ្ឌិតសភាវិទ្យាសាស្ត្រខ្មែរដឹកនាំដោយ
បណ្ឌិត ក្តឹតព្រឹទ្ធ្យនឺងមានបច្ចេកវិធីស្លរមាស
ចេញពីស្ករត្នោត។
តែក្នុងរយៈពេល៥ឆ្នាំយើងនឺងបានធូរធារ
សល់លុយទិញកោះត្រល់និងកោះគុតមកវិញ។
ព្រួយអីលុយត្រឺម ៨ឬ៩កោដិដុល្លារប៉ុននឺង។
Sorry guys, I got my brain mixed up with arithmetic. Since a billion is equal to 1000 millions then my previous word
កោដិ should be replaced by មហាចេត្តិយ!
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