Day: March 18, 2024

Samdech Vibol Sena Pheakdei Say Chhum, Acting Head of State of Cambodia, received here at the Senate Palace this morning visiting H.E. Ms. Paetongtarn Shinawatra, Deputy Chair of the National Soft Power Strategy Committee of Thailand and Leader of Pheu Thai Party.

During the courtesy meeting, Samdech Say Chhum spoke highly of the visit of H.E. Ms. Paetongtarn Shinawatra to Cambodia, saying that it reflects the attention to further deepen the existing good ties of friendship, solidarity and cooperation between the two peoples and the two countries, bringing great mutual benefits, both at present and in the future.

Both sides expressed their satisfaction and appreciation for the traditional friendly relations, good neighbourliness and close cooperation in all fields between the two nations, which have been continuously strengthened and expanded and elevated to the level of ‘strategic partnership’.

H.E. Paetongtarn Shinawatra is on a visit to Cambodia at the invitation of Samdech Akka Moha Sena Padei Techo H
un Sen, former Prime Minister of Cambodia and President of the ruling Cambodian People’s Party (CPP).

The main aim of the visit is to exchange views on cooperation between the two neighbouring countries for the common interest of the two peoples and parties based on the close ties of friendship and cooperation between both parties.

Source: Agence Kampuchea Presse

The Royal Government of Cambodia (RGC) has raised funds through government bond issuance with a total value of US$58.26 million in 2023, accounting for 26 percent of the US$200 million permitted by law.

The government issues its bonds in the first primary market through the issuance agent named the National Bank of Cambodia Auction Platform (NBCP).

‘In 2023, the RGC has issued government securities in a total amount of KHR 238 billion, equivalent to US$58.26 million accounting for 29 percent of the ceiling permitted by Law (KHR 813 billion),’ read a report of Cambodia Public Debt Statistical Bulletin released by the Ministry of Economy and Finance last week.

The RGC raises funds from domestic source as direct fund for using into public investment, according to the Ministry of Economy and Finance.

The government bond is not only to complete the annual expenditure but also to contribute to promoting the securities sector in the country, it said

This year is the third year of government securities issuance
.

In 2024, the RGC sets to issue government bonds totaling KHR 440 billion, equating to about US$108 million, which is used to provide direct revenue and ensure investment efficiency and sustainability of debt management.

Ministry of Economy and Finance started issuing government bonds in September 2022 as a new financial instrument, enabling the government to augment domestic revenue, thereby reducing the need to borrow from foreign sources for infrastructure development.

H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, has previously said that government bonds would enable the state to raise funds for economic development.

‘Government bonds are expected to be popular on the Cambodia Securities Exchange, and provide benchmark data for corporate securities trading and financial analysis, as in countries with a growing securities sector,’ he said.

Investors in government bonds will enjoy a 50 percent deduction of withholding tax on the interest earned from holding and
trading the bonds, and tax exemption on capital gains from purchasing and trading the bonds for three years.

Source: Agence Kampuchea Presse

Cambodia is committed to regional and global economic integrations, which has significantly fostered its economic growth and socio-economic development.

Cambodian Minister of Commerce H.E. Mrs. Cham Nimul emphasised the commitment while presiding over here late last week the conclusion of ARISE Plus Cambodia and the launch of “EU Global Access and Trade Expertise (GATE)” with many participants from the Ministry of Commerce, representatives from the relevant partner and stakeholders.

According to the Ministry of Commerce, on the occasion, H.E. Minister acknowledged the important role of the European Union and the German Federal Government (GIZ), in contributing to Cambodia’s pursuit of its inclusive and progressive trade development agenda.

H.E. Mrs. Cham Nimul highlighted that under the Pentagonal Strategy Phase 1, Cambodia’s key mission is to rise to an upper middle-income status by 2030 and advance towards realising the Cambodia Vision 2050, aligning with the 2030 Agenda for Sustainable Development.

Du
ring the launching of the EU GATE Project, H.E. Minister shared some key insights about the efforts to elevate Cambodia’s participation in regional and global trade. She stressed, amongst others, (1) the supply-side capacity and trade-related infrastructure to promote Cambodia’s participation in regional and global trade, (2) the capacity to fully and effectively implement and utilise the existing Free Trade Agreements, and (3) the preparation for Cambodia’s LDC graduation.

In conclusion, H.E. Mrs. Cham Nimul urged all crucial partners and stakeholders to deeply engage in the initial stages of the EU GATE Project, to voice the specific support required. The collaboration will pave the way for a robust and sustainable trade environment in Cambodia, ensuring our readiness for the challenges and opportunities post-LDC status and as we move towards the 2050 vision, she underlined.

Source: Agence Kampuchea Presse

The Ministry of Economy and Finance has recently released the latest report of Cambodia’s public debt by 2023 showing that the country’s public debt situation continues to remain ‘sustainable and low risk of debt distress.’

As of year-end 2023, Cambodia’s public debt stood at US$11.24 billion, in which 99.5 percent or US$11.19 billion is public external debt and 0.5 percent or US$52.39 million is public domestic debt, read the bulletin.

The composition of the public debt stock was US$46 percent, Special Drawing Rights (SDR) 19 percent, CNY 11 percent, JPY 11 percent, EUR 7 percent, and local and other currencies 6 percent, it stated.

‘Cambodia’s public debt situation continues to remain ‘sustainable’ and ‘low risk’ of debt distress. All the key debt indicators in 2023 are well below the thresholds, of which the Present Value of Public and Publicly Guaranteed External Debt to GDP, is at 24.2 percent compared to the 40 percent threshold,’ the ministry said in the bulletin.

In 2023, the Royal Government of
Cambodia signed new concessional loans with development partners with a total amount of US$1.81 billion, equivalent to SDR 1,339.22 million, accounting for 79 percent of the ceiling permitted by Law (SDR 1,700 million), the source pointed out.

The purpose of these signed loans is to finance public investment projects in the priority sectors that support long-term sustainable economic growth and increase economic productivity, it added.

‘Overall, all the loans are highly concessional with an average grant element of around 45 percent,’ the bulletin underlined.

The country’s public finance management reforms reflect that Cambodia’s public financial system is on the path to international standards and excellence, Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia said.

‘Public financial management has strengthened the ownership and role of the Cambodian government in taking responsibility for the fate of the nation and reduced foreign borrowing,’ the Prime Minister said at the closing ceremon
y of the 2023 Annual Review Meeting on Public Financial Management Reform Programme-Stage 4 held on Feb. 14.

The country did not lose its sovereignty due to foreign borrowing to develop the country, and foreign borrowing is only to invest in infrastructure to serve the national economy responsibly, affirmed the Premier.

Source: Agence Kampuchea Presse

A total of 553,794 national and international tourists were recorded during the three-day (Mar. 15-17) of River Festival in Siem Reap province, according to a report of the Siem Reap Provincial Tourism Department.

Of the registered number, the source pointed out, 33,770 were foreign visitors and some 520,000 were national tourists and local people.

Some 160,272 tourists were counted on Mar. 15, 296,279 on Mar. 16, and 96,243 on Mar. 17, the report added.

Held this year under the theme ‘River for Peace and Development,’ the River Festival, the 8th of its kind, featured art performances and concerts by national and international artists, a fireworks display, local products exhibition, a tourism fair, a Mekong food festival, and entertainment activities.

The River Festival aims to further promote tourism potentials of the provinces along the river as well as to encourage the participation of local people in sustainable tourism development.

River Festival is organised every year on a rotation basis by the r
iparian provinces, and the first event was organised in Kratie in 2015, followed by the second in Stung Treng, the third in Kampong Cham and Thbong Khmum, the fourth in Kandal, the fifth in Kampong Chhnang, the sixth in Battambang, and the seventh in Kampong Thom.

Source: Agence Kampuchea Presse