Wednesday, November 28, 2012

Cambodia external borrowing to reach $915m next year

 News Desk
Rasmei Kampuchea Daily
Publication Date : 28-11-2012

Cambodian Finance Minister Keat Chhun said the government would borrow US$915 million from the International Monetary Fund (IMF), the Asian Development Bank, China, Japan and South Korea next year. 

"We plan to ask for National Assembly approval to let the government borrow 600 million SDR in 2013," he said, referring to special drawing rights, the IMF unit of account. That compares with 700 million SDR this year.

"The loans will be used to invest in economic growth, to build roads, bridges, canals and dams and invest in electricity," the finance minister said. "We are paying attention to road development in rural areas."

Keat Chhon said loans from China would be used to develop 400 kilometres of roads in rural areas.

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