A Change of Guard

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Friday, 7 December 2012

Keat Chhon says external debt less than half opposition claims [Keat Chhon, don't just say it, open the book for all to see]

PHNOM PENH, 7 December 2012 (The Cambodia Herald) - Finance Minister Keat Chhon said Friday that Cambodia's external debt amounted to $3.6 billion, less than half the $8 billion claimed by opposition parties.

"Any loans are made according to four joint principles such as proper loans that the national economy can afford," he told the National Assembly. "We borrow at concessionary rates by paying back only 65 percent of the total amount.

"What we should be proud of that Cambodia doesn’t borrow debt to buy ... weapons and tanks, but we use funds with transparency and high effectiveness," he said.

"We need capital to develop the country and we are currently trying to attract foreign investors."

“Currently, Cambodia owes only $3.6 billion including dirty loans from the war period. Ninety-nine percent of the loans are from foreign countries.

"From 1992 until now, the government signed agreements worth $5.5 billion to develop infrastructure such as bridges, railways, irrigation, ports, electricity, airports, clean water supply and water treatment plants. These projects equal about 80 percent of the $5.5 billion.

"The other 20 percent is in the economic, tourism, financial, education, health and land sectors so there is no point saying the loans are used to buy tanks or serve individuals."

The finance minister also said that debt servicing was expected to amount to $101 million in 2012, $114 million in 2013 and $259 million in 2018.”

Keat Chhun also elaborated on loans for 25 projects including 10 funded by Asian Development Bank loans, 10 by China, two from South Korea and another two from India.

He said a 292 million SDR loan from China was being used to develop Ar Chang irrigation system in Kampong Chhnang province, Koh Thom Bridge in Kandal province, Stueng Stoung development in Kampong Thom, the 190-kilometer National Road No 55 in Pursat, the 118-kilometer National Road No 23 in Kandal’s Lerk Dek district, and National Road No 2 in Takeo’s Bati district, Stung Treng, Chi Kreng water resource development and the construction of electricity cable from Phnom Penh to Bavet.

In addition, he said a 127 million SDR loan from Japan has been used for National Road No 5 from Battambang to Sisophon and restoring irrigation in Phnom Penh.

The loan from South Korea has been used for National Road No 2 and 22 restoration projects in Kandal and Takeo provinces and the Ta Orn irrigation system.

The 37 million SDR loan from India has been  used to develop the electricity network in Kratie and Stung Treng provinces and water resource development in Sva Hab.

The 271 million SDR from the ADB has used for disaster management and decentralization, public service and financial reforms, rural roads, tourism and other sectors.


Anonymous said...

Keat Chhon says everything is transparency,so why the opposition,were not allowed to know every detail of satisfactions? or the true balance of the economy?.

In western countries,the opposition are allowed to know every details of the spending,even the cost of their MPs travelling. The oppositions are allowed to criticized the government spending,for it is a significant part of true democracy. So Keat Chhon have you sent every detail of your work to opposition party ?,please don't make an excuse that your spending would have to be kept secret for it could affect the national security.

Here another example of, how the corrupt Hun's regime would do.They took 200 million US dollars to buy ammunition,they pocketed 100 millions US dollars between a few like Tear Banh,Manet,Sok Ang and Hun,mostly are their clans.What the public do not know of how they spent,lack of transparency;lack of committee or other panels to investigate,that is why we saw them bought,last month,of several museum-tanks from eastern Europe.
That How Hun and his son Manet and their gangs make money.That how they fight to be in power to run the country just by their family.

Motherland is a sacred property of the nation,millions of our beloved patriots have scarified their lives since the beginning of time, it is not a property for a few.

True Khmer

Anonymous said...

I would like to correct on line one as below:
"Every detail of transaction",not every detail of satisfactions.

True Khmer

Anonymous said...

Kheat choun is the killer from Bouenk trobek prison during Khmer rouge regime with Sok Anh was that right!?....How on the hell killers still running the financial of Cambodia? Killers get more lucks than decent non-killers in the real life,where is justice and where is god!? Killers mer luckier than decent non-killers,I doubts that there will be a god out there but he is blinded and deaf as well reward all bad people punishes decent people that did have bloods in their hands.Where is justice for mankinds?

Stone cry out!