ABC meets the Ministry of Economy and Finance (MoEF) to discuss the Economics of Cambodia in times of COVID-19
Phnom Penh, June 16, 2020 : As per the request of the Ministry of Economy and Finance (MoEF), 17 (seventeen) executives from the Banking and Financial Sector have met with His Excellency and Under Secretary of State Phan Phalla to discuss the economic impact of COVID-19 on the Cambodian Economy.
The Ministry accredited the importance of the banks and other financial institutions to have valuable insight into the whole array of industries of the Cambodian Economy due to the diverse loan portfolios of the institutions.
While all participants acknowledged the severe impact COVID-19 has brought to Cambodian businesses, it was also noted that the Royal Government of Cambodia has proven to showcase strong resilience and wise leadership in preventing a sizable outbreak of the disease in Cambodia.
Furthermore, the financial institutions have vouched that the willingness to lend to Cambodian businesses has not vanished. In that realm, all participants have discussed various potential steps to be taken to increase liquidity and decrease lending risk for all lending institutions.
His Excellency Phan Phalla thanked all professionals to join the meeting and to provide advice to the Royal Government on ensuring a swift economic recovery from COVID-19.