Logo of Phnom Penh Post newspaper Phnom Penh Post - IMF commited to Cambodia

IMF commited to Cambodia

Content image - Phnom Penh Post
IMF resident representative for Cambodia Yasuhisa Ojima (left) and Minister of Economy and Finance Aun Pornmoniroth. Finance Ministry

IMF commited to Cambodia

The International Monetary Fund (IMF) is firmly committed to continuing to help revitalise Cambodia’s economy in its post-Covid-19 recovery and provide the much-needed impetus for growth and development.

During a meeting with Minister of Economy and Finance Aun Pornmoniroth on Monday, IMF resident representative for Cambodia Yasuhisa Ojima acknowledged the effectiveness of the Kingdom’s efforts in combating the spread of Covid-19, as reported by the ministry.

He highlighted the productiveness of the implementation of recent “sharp” measures outlined in the government’s strategic framework for post-Covid-19 economic development and its various social protection programmes.

“We support the government’s increased cautiousness in its continued supervision of macroeconomic trends and its ongoing cooperation with the National Bank of Cambodia to monitor shifts in the regional and global economic situation.

“The IMF will maintain its support for Cambodia through continued traditional cooperation, together with the [IMF’s] Rapid Financing Facility, which may be an additional option for Cambodia to fill a shortage of funding in its post-Covid-19 economic recovery plans,” Ojima said.

Pornmoniroth said the IMF has always lent a hand to the Kingdom, especially during Covid-19.

He underlined the IMF’s crucial role in monitoring and assessing the global and regional economic direction and providing the Kingdom with valuable input to prepare the measures needed to ensure macroeconomic and financial stability, and shore up economic growth.

“Though Cambodia is recognised as one of the countries that best responded to the Covid-19 situation, the government will vigilantly continue to monitor the development of the pandemic and be careful not to underestimate the situation.

“It will keep implementing the right health measures and the acute actions necessary to support economic stability and people’s livelihoods.

“On this basis, Cambodia’s economic activity can retain a semblance of business as usual, with a better-than-expected fiscal situation, above all, in terms of tax revenue.

“This’d be a godsend for the implementation of the 2021 budget, allowing for greater budget space and lower-than-expected use of government savings.

“Recently though, fallout from the floods have been putting strain on the state’s burden, notably in the rehabilitation of transport and irrigation infrastructure,” Pornmoniroth said.

According to him, the government is preparing a Post-Covid-19 Recovery Plan, which is a medium-term consideration that is designed to quickly return economic growth to pre-Covid-19 levels.

On October 13, the IMF projected a 2.8 per cent contraction in the Cambodian economy this year, and a sharp rebound next year to 6.8 per cent growth.

The government has launched six rounds of measures to stimulate economic growth as the Kingdom prepares for a post-Covid-19 world. The measures have aimed to ensure that poor and vulnerable families continue to receive assistance during this difficult time.


  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Cambodia at ‘most critical moment’, Hun Sen warns

    Prime Minister Hun Sen said the first community transmission of Covid-19 in Cambodia has led the country to the “most critical moment” that warranted urgent, large-scale operations to contain the pandemic. Hun Sen, who confirmed the first local transmission on November 28, said the source of

  • PM confirms community transmission, calls for unity

    Prime Minister Hun Sen has called on the public to stay calm, unite and follow the Ministry of Health guidelines after the wife of a senior official tested positive for Covid-19 in the Kingdom’s first case of community transmission. The case has drawn criticism

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there