Logo of Phnom Penh Post newspaper Phnom Penh Post - IMF gives nod to Kingdom reforms

IMF gives nod to Kingdom reforms

IMF gives nod to Kingdom reforms

Staff from the International Monetary Fund (IMF) released a statement on Saturday encouraging Cambodia to continue undertaking reforms that the international financing body recommended in August last year.

The statement praises the economy’s strong growth rate and overall health, while also calling for more attention to be paid to looming fiscal risks. It follows a weeklong trip by IMF staff to the Kingdom and does not represent the official views of the body’s executive board.

“Cambodia’s economic outlook remains positive but is subject to downside risks,” according to Jarkko Turunen, who led the IMF visit to Phnom Penh. “Macro-financial and external risks... remain significant, and political uncertainties could dampen consumer and investor sentiment.”

In addition to urging the government to prepare for potential shocks, the statement calls for officials to find ways to boost state coffers, noting that spending has picked up substantially in recent years.

“A medium-term budget framework with a new revenue strategy is needed to safeguard fiscal sustainability,” it says.

The IMF team visited Cambodia from March 12 to March 16, according to the release.

MOST VIEWED

  • Without shoes or a helmet, a young cyclist steals the show

    Pech Theara gripped the curved handlebars of his rusty old bike, planted his bare feet on its pedals and stormed as fast as he could towards the finish line. The odds were against him as the 13-year-old faced off against kids with nicer bikes at

  • Phnom Penh-Sihanoukville expressway on schedule

    The construction of the more than $1.9 billion Phnom Penh-Sihanoukville Expressway has not been delayed despite the Covid-19 pandemic, with more than 26 per cent of the project completed and expected to finish in about two years, according to Ministry of Public Works and Transport secretary of

  • 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

  • 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

  • PM dispels lockdown rumours, gifts masks

    Prime Minister Hun Sen on November 12 denied rumours that he will lock down the country in response to increased Covid-19 fears, referring to them as propaganda aimed at destabilising the country. In a Facebook post, he said some people had spread rumours that the government

  • SilkAir adds flight to Phnom Penh schedule

    Silkair (Singapore) Pte Ltd is increasing its flight frequency between Phnom Penh and Singapore with a third weekly flight on Saturdays, according to Cambodia Airports’ Facebook page. The other flights offered are on Tuesdays and Sundays, with an estimated Phnom Penh arrival time at 5:35pm