THE Chief Economist of the World Bank Justin Yifu Lin praised Cambodia for its economic development at a meeting with Prime Minister Hun Sen yesterday.
“Despite the world facing the financial crisis, Cambodia’s GDP is still positive,” Lin was quoted by Eang Sophalleth, spokesman for Hun Sen, as saying during a courtesy call to the Council of Ministers office in Phnom Penh.
The World Bank estimates that gross domestic product will rise 4.4 percent this year.
The spokesman said that Lin, who is also senior vice president of the World Bank, congratulated the premiere on the Kingdom’s development.
In response, Hun Sen highlighted that the government was trying to improve the economy through agricultural enhancements, physical and telecommunications infrastructure improvements, and energy and human resource development.
Ministry of Finance Secretary of State Hang Chuon Naron said: “During his visit, he discussed policy matters – financial, agricultural, and industrial development – because he has experience in these fields. He is one of the founders of China’s economic reform policy, and he shared his experiences with us.”
Hang Chuon Naron said Justin Yifu Lin recommended that the government improve financial systems to ensure medium-sized banks can focus lending on small and medium-sized enterprises.
Yesterday, Justin Yifu Lin and the Finance Minister Keat Chhon witnessed the signing of US$23 million worth of credit and grant agreements, for a five-year higher education project.