PHNOM PENH, Feb. 10 (Xinhua) -- Cambodia’s Council of Ministers on Friday adopted a strategic document on public debt management 2011-2018, aimed at mobilizing financial resources to cope with the government’s expenses, said a press release after the meeting.
The cabinet meeting was chaired by Prime Minister Hun Sen.
“The document is to mobilize financial resources to meet the government’s priority expenses in national development in order to ensure financial and macroeconomic stability, to sustain economic growth between 6-7 percent a year and to cut poverty rate at least one percent a year,” said the press release.
The document was made by the ministry of economy and finance. It does not cover the management of private debts in the country.
Cambodian Prime Minister Hun Sen said in November last year that to date, the ratio of Cambodia’s debts to foreign countries such as China, the United States, Russia, and others are 27.7 percent of the GDP (Gross Domestic Product).
The country’s GDP in 2011 was 6.9 percent, or 12.93 billion U.S. dollars, according to the finance ministry.
“The debt is not a concern for Cambodia as Thailand has the debt ratio to GDP is up to 40 percent,” he said at that time. “Cambodia’s debts are to use for the development of the nation and poverty alleviation.”
According to the figure released by the finance ministry in November last year, since 1992 to 2010, Cambodia’s government had borrowed foreign countries and development partners in the total amount of 2.53 billion U.S. dollars. The figure was not included the old regime debts of 770 million U.S. dollars.
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