Cambodia Appeals to International Financial Institutions Not to Increase Interest Rates

Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, called on this morning to major international financial institutions, including World Bank and Asian Development Bank, not to increase the interest rates of their loans for the country's development.

The Cambodian premier made the appeal at a get-together with more than 15,000 factory workers and employees at Odem area in Khan Pursenchey, Phnom Penh.

Cambodia will need more concession loans to support its development, especially physical infrastructure (construction and rehabilitation), so please don't increase the interest rates, he said.

This concern was raised after World Bank issued a report on Riding the Wave: An East Asian Miracle for the 21st Century pointing out that Cambodia is among three nations in developing East Asia and Pacific that reduced poverty and improved living standards successfully.

Cambodia, Indonesia, and the Philippines are out-of-extreme-poverty countries, where extreme poverty levels are low, but so are the shares of the middle class, said the report, underlining that the three countries have reduced levels of extreme poverty to single digit.

Source: Agency Kampuchea Press