US$80 Million Investment by Government to Sustain Market Price of Rice

Royal Government of Cambodia has invested around US$80 million in its short-term interventions to buy rice in order to stabilise its price in the markets.

The update was shared yesterday by Acting Minister of Economy and Finance H.E. Vongsey Vissoth when presiding over an official dissemination of the intervention.

Approved by Cambodian Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen, the mechanism was introduced after a thorough study conducted by Economic and Financial Policy Committee of the Ministry of Economy and Finance, said H.E. Vongsey Vissoth.

Of the investment, added the acting minister, US$30 million will be used to finance authorised rice purchase agencies to install warehouse and drying facilities.

The rest US$50 goes to the Rural Development Bank so as it can enable loans for large-scale mills.

While introducing the short-term intervention, the Royal Government of Cambodia is also working on medium and long-term strategic plans to promote rice sector in the country.

Source: Agency Kampuchea Press