PHNOM PENH (The Cambodia Herald) - Finance Minister Keat Chhun said the government would borrow $915 million from the International Monetary Fund, the Asian Development Bank, China, Japan and South Korea next year.
"We plan to ask for National Assembly approval to let the government borrow 600 million SDR in 2013," he said, referring to special drawing rights, the IMF unit of account. That compares with 700 million SDR this year.
"The loans will be used to invest in economic growth, to build roads, bridges, canals and dams and invest in electricity," the finance minister said. "We are paying attention to road development in rural areas."
Keat Chhon said loans from China would be used to develop 400 kilometers of roads in rural areas.
"We plan to ask for National Assembly approval to let the government borrow 600 million SDR in 2013," he said, referring to special drawing rights, the IMF unit of account. That compares with 700 million SDR this year.
"The loans will be used to invest in economic growth, to build roads, bridges, canals and dams and invest in electricity," the finance minister said. "We are paying attention to road development in rural areas."
Keat Chhon said loans from China would be used to develop 400 kilometers of roads in rural areas.
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