IMF gives nod to Kingdom reforms

Staff from the International Monetary Fund (IMF) released a statement on Saturday encouraging Cambodia to continue undertaking reforms that the international financing body recommended in August last year.

The statement praises the economy’s strong growth rate and overall health, while also calling for more attention to be paid to looming fiscal risks. It follows a weeklong trip by IMF staff to the Kingdom and does not represent the official views of the body’s executive board.

“Cambodia’s economic outlook remains positive but is subject to downside risks,” according to Jarkko Turunen, who led the IMF visit to Phnom Penh. “Macro-financial and external risks... remain significant, and political uncertainties could dampen consumer and investor sentiment.”

In addition to urging the government to prepare for potential shocks, the statement calls for officials to find ways to boost state coffers, noting that spending has picked up substantially in recent years.

“A medium-term budget framework with a new revenue strategy is needed to safeguard fiscal sustainability,” it says.

The IMF team visited Cambodia from March 12 to March 16, according to the release.

Contact author: Robin Spiess

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