IMF chief hails Cambodia's robust economic growth

[geovalin]

PHNOM PENH, Dec. 2 (Xinhua) -- Visiting Managing Director of International Monetary Fund (IMF) Christine Lagarde on Monday praised Cambodia for high economic growth and pledged continued support for the country's financial reform.

Lagarde made the remarks during a one-hour meeting with Cambodian Prime Minister Hun Sen at the capital's Peace Palace, Eang Sophallet, personal spokesman for the premier, told reporters after the meeting.

"Cambodia has maintained strong economic growth and the IMF predicted that Cambodia's economy is robust with its annual growth of over 7 percent in a medium term," Eang Sophallet quoted Lagarde as saying to Hun Sen.

Cambodia has become an attractive place for investors due to its reforms, she said, encouraging the country to continue financial reform, saying that the IMF was pleased to continue supporting Cambodia in this task.

She also congratulated to Hun Sen on his ruling party's victory in the July's general election.

For his part, Hun Sen thanked the IMF for its technical assistance for Cambodia in financial reform and customs and excise reform.

"The partnership between Cambodia and the IMF is very important for Cambodia to ensure financial stability, macroeconomic stability and economic growth," the premier said.

Lagarde arrived here on Sunday evening for a two-day visit. During her stay, she will pay a courtesy call on King Norodom Sihamoni, and hold talks with Deputy Prime Minister Keat Chhon and Finance Minister Aun Porn Moniroth.

She will also meet with think-tank representatives, women leaders, business people, and civil society organization representatives.

In addition, she will give a lecture on the Prospect of Cambodia's Economic Development in the Future to some 300 students at the Royal School of Administration.

Cambodia was her first leg of a three-Asian nation tour, which will also take her to South Korea and Myanmar, according to a IMF press release.

source

http://www.globalpost.com/dispatch/news/xinhua-news-agency/131202/imf-chief-hails-cambodias-robust-economic-growth

[NeverSure]

Well, whooda thunk it? In Cambodia a foreigner can work, own a business, invest, and not feel on the verge of breaking some law and getting run out by accident. He can't own land, but owning, working and doing business is soooo much easier.

In "some" countries, only the natives are allowed to do or own almost everything, and walking the tightrope doesn't seem worth it to a lot of potential investors.

In Cambodia, one can get a visa at the border, go literally to a car dealership (Lucky Motors) and buy everything else needed legally to stay for a year. Total cost under $300.

[seasia]

Interesting article, I noticed a piece on increasing foreign investment in to Cambodia on a regional news channel.

Good to see the country growing and looking positive.