Old debt on agenda for Hun Sen’s Russia visit

[rooster59]

Old debt on agenda for Hun Sen’s Russia visit

PHNOM PENH: Prime Minister Hun Sen will attempt to renegotiate the $1.5 billion of Soviet-era debt Cambodia accrued during the 1980s when he visits Russia in May, The Phnom Penh Post reported, citing a post on the premier’s Facebook page.

The announcement followed a meeting this week between Hun Sen and Russian Deputy Prime Minister Arkady Vladimirovich during the Mekong-Lancang Cooperation Leaders’ Meeting – the first of its kind – in Hainan province, China.

Arriving at Phnom Penh International Airport following the conclusion of the meeting yesterday, the prime minister’s spokesman Kao Kim Hourn told reporters that alongside an overall reduction in Cambodia’s debt, Hun Sen had floated the idea that repayments could be used by Russia to invest in Cambodian development projects and purchase Cambodian agricultural exports.

Kim Hourn went on to justify the debt as a product of necessity. “The loan was taken out when Cambodia was under economic sanctions from many countries, and the loans were used to prevent the return of the Khmer Rouge,” said Kim Hourn, going on to hint at discontent over the lack of resolution to the debts so far.

In November 2014, Russian Prime Minister Dmitry Medvedev promised to reduce the interest rates on Cambodia’s Russian debts.

Cambodia also owes the United States $460 million in loans taken out during by the Lon Nol regime in the 1970s, which the US government refuses to forgive.

Source: http://englishnews.thaipbs.or.th/content/156912

-- Thai PBS 2016-03-26

[Sydebolle]

Hun Sen can tell the Americans to call Kissinger and tell him, that Cambodia will be invoicing the US for dethroning (then) Prince Norodom Sihanouk, installing Lon Nol (who fled the scene in 1975) as well as for the catastrophic damage Nixon and Kissinger created with the systematic destruction of (military neutral) Cambodia which resulted in Pol Pots Khmer Rouge ascent.

That bill is in the billions, don't forget the interests and compound interests while being at it.

The brethren in Washington can then transfer the USD 1.5 billion to Russia, keep a share for the apparent USD 460 millions (provided this is recognised debt by the Cambodians) and the rest is to be sent to the National Bank of Cambodia (or whatever their National Bank is called). Should upgrade Cambodia's balance sheet nicely and they would walk away debt free.