(Photo: AFP)Hun Sen: Cambodia is preparing funds to prop up regional economy
23 November 2008
By Kesor Raniya
Radio Free Asia
Translated from Khmer by Socheata
Click here to read the article in Khmer
Prime minister Hun Sen declared that Cambodia will prepare funding to contribute with other 13 Asian countries to prop up the regional economy.
The idea of funding $80 billion to prop up and bring stability to the economy in the region came after a number of major countries, such as the US, are moving towards recession.
The idea was raised during the ASEAN+3 meeting (which includes China, Japan and South Korea) which was held in Beijing last month.
Hun Sen said on 21 November, during the 14th forum for the government and the private sector held in Phnom Penh that, during the 14th ASEAN meeting held in Chiang Mai, Thailand, all ASEAN countries and the other 3 partner countries will discuss about a plan to set up this major funding system.
Hun Sen said: “In the meeting which will take place soon, ASEAN+3 is looking for funds. They will bring up this issue in Chiang Mai to provide $80 billion in which 3 countries (China, Japan and South Korea) will contribute 80%, and the other 10 ASEAN countries will contribute 20%. H.E Keat Chhon had provided the choices, and I gave him my selection: Cambodia plans to contribute between 5 to 10% of its reserve fund ... so that the entire $80 billion can be funded to support this program, because if we rely on the IMF or the World Bank, it may not be sufficient, even relying on the ADB is not enough.”
Hun Sen said that officials of the ministry of Economy are actively working to complete this funding in time for the Chiang Mai meeting next month.
-----------
KI-Media Note: According to Keat Chhon, Cambodia will contribute about $150 million to the fund.
The idea of funding $80 billion to prop up and bring stability to the economy in the region came after a number of major countries, such as the US, are moving towards recession.
The idea was raised during the ASEAN+3 meeting (which includes China, Japan and South Korea) which was held in Beijing last month.
Hun Sen said on 21 November, during the 14th forum for the government and the private sector held in Phnom Penh that, during the 14th ASEAN meeting held in Chiang Mai, Thailand, all ASEAN countries and the other 3 partner countries will discuss about a plan to set up this major funding system.
Hun Sen said: “In the meeting which will take place soon, ASEAN+3 is looking for funds. They will bring up this issue in Chiang Mai to provide $80 billion in which 3 countries (China, Japan and South Korea) will contribute 80%, and the other 10 ASEAN countries will contribute 20%. H.E Keat Chhon had provided the choices, and I gave him my selection: Cambodia plans to contribute between 5 to 10% of its reserve fund ... so that the entire $80 billion can be funded to support this program, because if we rely on the IMF or the World Bank, it may not be sufficient, even relying on the ADB is not enough.”
Hun Sen said that officials of the ministry of Economy are actively working to complete this funding in time for the Chiang Mai meeting next month.
-----------
KI-Media Note: According to Keat Chhon, Cambodia will contribute about $150 million to the fund.
0 Responses to "Can Cambodia spare $150 mln to contribute to the ASEAN funds to prop up regional economy as Hun Sen boasts?"
Post a Comment