|
PHNOM PENH, Dec 24 (AFP): The International Monetary Fund will clear 82 million dollars owed by Cambodia in a bid to support its economy, which is in tatters after decades of civil war.
"Cambodia has qualified for IMF debt relief because of its overall satisfactory recent macroeconomic performance, progress in poverty reduction and improvements in public expenditure management," it said in a statement Friday.
The move amounts to 100 per cent debt relief of all money incurred by Cambodia to the IMF before January 1, 2005, the organisation said, adding the debt relief would start in early next month.
Cambodia is one of 19 countries approved by the IMF for a 3.3-billion-dollar debt relief scheme. The IMF said Cambodia's economy has been steadily improving with an average annual growth rate of seven per cent since 1999.
|