IMF says Cambodian economy to grow 6.5 per cent, but warns of risks
February 28th, 2012, Monsters and Critics, Agriculture & Agri-business, Banking & Finance, Business & Commercial Development, Construction, Domestic Investment, Economics, Exports, Foreign Investment, Garment Industry, Imports, Industry, Textiles, Tourism, Trade
Cambodia’s economy is expected to grow 6.5 per cent in 2012, up from 5.75 per cent last year, the International Monetary Fund said in its annual review, adding that government policies to boost the investment climate were paying off.
However, in its assessment, which was released overnight, the US-based body warned the kingdom’s economy was vulnerable to the global slowdown, adding that its narrow export base made it susceptible to ‘significant downside risks.’
Cambodia’s economy is based on agriculture, garment manufacturing, tourism and construction, with the last three helping to buoy the economy last year. The garment industry was the largest foreign exchange earner in 2011 worth 3.75 billion dollars in exports.
‘If you look at the report there has been quite a bit of progress on several fronts and that progress needs to be continued,’ IMF country director Faisal Ahmed told DPA Tuesday, adding that one key area needing attention was the financial sector. The IMF assessment called again for a moratorium on banking licences – more than 30 banks now operate in Cambodia, making it ‘overbanked’ – until the central bank has sufficient capacity to regulate the sector.
Deutsche Presse-Agenteur
http://news.monstersandcritics.com/business/news/article_1693231.php/IMF-says-Cambodian-economy-to-grow-6-5-per-cent-but-warns-of-risks
Cambodia calls for talks with Thailand on disputed oil and gas zone
August 30th, 2011, Monsters and Critics, Extractive Industries
Cambodia called Tuesday for the newly elected Thai government to resume talks on resolving claims to a 27,000-square-kilometre stretch of seabed considered rich in oil and gas. The Cambodian National Petroleum Authority, a government body, said it had ‘a firm commitment to finding an equitable and transparent resolution to the overlapping claims area.’ …
A number of major oil companies have signed exploration deals with Cambodia in the Gulf of Thailand, including the US firm Chevron Corp and France’s Total SA. In 2001, the two nations signed an agreement that outlined their joint management of resources in the disputed zone, but the details have yet to be worked out. …