Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Russia refuses to cancel debt

Russia refuses to cancel debt

Russia refuses to cancel debt

091111_04
National Assembly President Heng Samrin greets officials at Phnom Penh International Airport after his return from a six-day state visit to Russia.

THE Russian Federation has refused to wipe out over a billion dollars of Cold War-era debt, despite National Assembly President Heng Samrin’s appeals to senior Russian officials during his recent six-day visit to the country.

Cheam Yeap, a senior lawmaker for the ruling Cambodian People’s Party who accompanied Heng Samrin on the trip, said Tuesday that Russian officials have not yet accepted the government’s bid to cancel the debt, which totals around US$1.5 billion. The money was borrowed from the Soviet Union in the 1980s for the purchase of military equipment during Cambodia’s decade-long civil war.

Cambodia requested debt cancellation from Russia in 2006 and 2008, but was unsuccessful both times.

“We made an effort to convince them by saying that China cancelled $300 million of a $5 billion debt and the IMF canceled a debt of $82 million. But they said nothing,” he said.

The delegation travelled to Moscow and St Petersburg, where they met with Sergey Mironov, chairman of the Russian Federation Council’s Federal Assembly and other government representatives to discuss a potential air route linking Moscow with Phnom Penh and Siem Reap.

He added that Russia’s deputy prime minister and investors from the country will visit Cambodia on November 15 to investigate a possible dam project.

“They will look into investing in a hydropower project in Stung Treng that will be able to produce 980 megawatts of electricity,” he said.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all