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Chhon readies budget

Chhon readies budget

N EW Finance Minister Keat Chhon's first "key" task is to prepare next year's national budget, he told reporters outside the National Assembly.

Chhon, in his first speech since replacing Sam Rainsy who was sacked recently, said he would work to stabilize the economy.

"We will cooperate with the international finance institutions to balance our budget," he said.

Chhon would not comment on the implications of Rainsy's dismissal but said his new portfolio would be a big responsibility.

He accepted the "challenging" portfolio because co-Prime Ministers Prince Norodom Ranariddh and Hun Sen trusted him.

His task was to stabilize and develop the economy, stabilize prices and increase the rate of factory and business production.

Chhon gave no indication of any change to the National Bank of Cambodia's decision to introduce larger denomination notes of up to 100,000 riel.

He did say that the use and distribution of 50 riel notes would be encouraged

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