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Cambodia pans out plan on debt management

Xinhua, August 28, 2015 Adjust font size:

The Cambodia's Council of Ministers, or the cabinet, on Friday approved a draft strategic document on public debt management for the peroid of 2015-2018, according to a news statement.

The meeting was chaired by Prime Minister Hun Sen, the statement said.

"The strategic document aims to ensure effectiveness, efficiency, transparency, and accountability in managing public debt and to minimize the risk of debt," it said.

Under the strategic document, the statement said, the government can borrow from friendly countries and development partners in the amount of 600 million SDR (846 million U.S. dollars) for 2015, and up to 800 million SDR (1.13 billion U.S. dollars) a year for 2016, 2017 and 2018.

Phay Siphan, spokesman for the Council of Ministers, wrote on his Facebook page that the ratio of Cambodia's debt is 31.1 percent of the GDP, which is at a manageable level because it is still under the maximum limit of 40 percent of the GDP.

The country's GDP was valued at 16.9 billion U.S. dollars in 2014 and is estimated to reach 18.3 billion U.S. dollars in 2015, according to the finance ministry. Endi