Ministries and other national bodies
Ministry of Economy and Finance
Mercedes halts imports over luxury tax
The sole retailer of Mercedes-Benz cars into the country, Hung Hiep (Cambodia) Co., has suspended imports since January over what it claims is a new import duty on luxury cars coming into the country. Other luxury car importers including Porsche, Audi, BMW and Jaguar Land Rover, ...
George Styllis
http://www.cambodiadaily.com/business/mercedes-halts-imports-over-luxury-tax-56050/
Compensation plan agreed to, says ADB
Following a scathing report from its internal watchdog about the resettlement of thousands of Cambodian families affected by a national railway rehabilitation project that it is funding, the Asian Development Bank has agreed with the government on an action plan for further compensation, it said ...
Kevin Ponniah
http://www.phnompenhpost.com/national/compensation-plan-agreed-says-adb
NBC won’t recognise bitcoin
Cambodia’s central bank won’t recognise bitcoin as a form of payment, making the Kingdom the latest Asian country to reject the digital currency. National Bank of Cambodia director-general Chea Serey confirmed the regulator’s stance on the issue on Wednesday, citing the absence of any e-commerce law ...
Eddie Morton
http://www.phnompenhpost.com/business/nbc-won%E2%80%99t-recognise-bitcoin
The protester clause
A majority government-owned life insurance company has stopped paying out benefits to policy holders who die while taking part in protests and demonstrations, the company confirmed yesterday. The Cambodian Life Insurance Company – 51 per cent owned by the Ministry of Economy and Finance and 49 ...
Meas Sokchea
http://www.phnompenhpost.com/national/protester-clause
Malaysian Insurance Institute signs agreement with Cambodia Insurance Ass’n.
The Malaysian Insurance Institute (MII) and the Insurance Association of Cambodia (IAC) have signed a Memorandum of Understanding (MoU) for “a bilateral collaboration to forge a beneficial business relationship to further enhance insurance knowledge and skills development for the insurance industry in Cambodia,” said a ...
Insurance Journal News Staff
http://www.insurancejournal.com/news/international/2014/03/03/321950.htm
Stability, growth require job creation
Cambodia is entering a new phase of economic growth in which the development of a skilled workforce will be critical to social stability and regional competitiveness, government officials and economists said Thursday at the 2014 Cambodia Outlook Conference. Delivering the keynote speech at the conference, Prime ...
Colin Meyn and Hul Reaksmey
http://www.cambodiadaily.com/news/stability-growth-require-job-creation-53317/
Phnom Penh Governor tells officials to monitor city’s markets
Acting on direct orders from Prime Minister Hun Sen, Phnom Penh Municipal Governor Pa Socheatvong on Tuesday called on municipal officials to strictly monitor the companies that collect daily fees from the city’s market vendors. Mr. Hun Sen called out the governor in a speech on ...
ADB to provide USD773 mln in loan for development projects in Cambodia
Ministry of Finance said that Asian Development Bank (ADB) would provide USD773 million in loan for implementation of economic development projects from 2014-2016 in Cambodia. Of the loan, USD573 million would be provided by ADB, while another USD200 million would be lended by another partner through ...
The Cambodia Herald News Staff
http://thecambodiaherald.com/cambodia/detail/1?page=15&token=Y2RiYWM4MDA0YTB
Tourism revenues increase but taxes remain flat
Overall revenue from Cambodia’s booming tourism sector reached $2.5 billion last year, according to Tourism Minister Thong Khon. Khon said in an interview on Tuesday that the figure, which does not reflect the amount the state collected in taxes on the sector, marked a 15 per ...
Chan Muy Hong
http://www.phnompenhpost.com/business/tourism-revenues-increase-taxes-remain-flat
Hun Sen Issues Directive for Payment of Civil Servant Salaries
Prime Minister Hun Sen has issued a directive for the ministries of Public Function and Finance to cooperate with state institutions to ensure that civil servants are paid by the fourth week of every month. The directive, signed by Mr. Hun Sen and dated January 29, ...
ADB Admits Fault in Rail Project, Pledges Compensation
The Asian Development Bank (ADB) has for the first time admitted to major flaws in its efforts to protect the roughly 4,000 families losing land to a $143 million project it is funding to rehabilitate Cambodia’s dilapidated railway system. On Friday, the ADB said it would ...
Zsombor Peter
http://www.cambodiadaily.com/news/adb-admits-fault-in-rail-project-pledges-compensation-51210/
Minimum wage up for ministerial discussion
An interministerial committee led by Deputy Prime Minister Keat Chhon will meet next month to discuss the recent minimum wage increase and subsequent fallout. Ministry of Labour spokesman Heng Sour yesterday told the Post that Prime Minister Hun Sen assigned Chhon to lead the meeting ...
Mom Kunthear
http://www.phnompenhpost.com/national/minimum-wage-ministerial-discussion
Cambodia’s garments to ship piece by piece
Cambodia’s garment manufacturers might sell fabrics from unfinished clothing orders worth millions of dollars to factories offshore in a last-ditch attempt to meet looming buyer deadlines. The Garment Manufacturers Association in Cambodia (GMAC) issued a letter to the Cambodian government yesterday requesting it to “facilitate” exports ...
Eddie Morton and Hor Kimsay
http://www.phnompenhpost.com/business/cambodia%E2%80%99s-garments-ship-piece-piece
Protesters take aim at prices
Tuk-tuk, motorbike and taxi drivers were among hundreds of workers from Cambodia’s “informal economy” who called on the government yesterday to cap fuel prices at 4,000 riel ($1) per litre, amid claims that the current 5,000 riel price leaves them unable to cover any more ...
Hor Kimsay
http://www.phnompenhpost.com/business/protesters-take-aim-prices
French give $26 million for irrigation
The French Agency for Development will provide $26 million in loans to the Cambodian government to rehabilitate irrigation systems across three provinces in the northwest. Speaking at the signing ceremony for the deal yesterday, Aun Pornmoniroth, the Minister of Economy and Finance, said the new systems ...
Chan Muy Hong
http://www.phnompenhpost.com/business/french-give-26-million-irrigation
Budget to share the wealth: official
The amount of money to be allocated to commune-, district- and province-level governments is slated to rise next year in accordance with the government’s long-gestating attempts at decentralising its power. Provincial- and capital-level funding will rise to about 640.8 billion riel, with 237.2 billion riel ...
Chhay Channyda
http://www.phnompenhpost.com/national/budget-share-wealth-official
Yearender: Cambodia's economy remains strong in 2013 despite political row, flood havoc: officials
Cambodia’s economy is expected to maintain the robust growth of over 7 percent this year even though the country is still trapped in political dispute and recovering from the aftermath of recent floods, senior officials and bankers said. But some analysts predicted that political trouble, coupled ...
Nguon Sovan and Wang Qibing
http://news.xinhuanet.com/english/business/2013-12/19/c_132979125.htm
Minister Says Set Phone Call Prices ‘Temporary’
The minister of posts and telecommunications on Monday insisted an edict ordering the country’s seven mobile phone operators to abide by a law that sets minimum prices for calls is only temporary. Prak Sokhon, the newly-appointed posts and telecommunications minister, said the order was necessary because ...
Joshua Wilwohl and Hul Reaksmey
http://www.cambodiadaily.com/business/minister-says-set-phone-call-prices-temporary-48975/
Cambodia's progress cannot be separated from China's support: PM
Cambodian Prime Minister Hun Sen said Wednesday that the country’s development in all fields could not be detached from China’s aid and vowed to further deepen ties between the two countries. According to the figures recorded by the Cambodian Finance Ministry, to date, China has ...
Global Times News Staff
http://www.globaltimes.cn/content/829836.shtml#.Up_pgtIW2ls
Micro-insurance needs revamp: UN
The UN urged government and financial organisations to stimulate Cambodia’s flailing micro-insurance industry yesterday, after a study found the country’s poor are vulnerable to indebtedness during a crisis. The United Nations Development Business (UNDB) hosted a working group yesterday at Phnom Penh’s Sunway Hotel launching the ...
Eddie Morton
http://www.phnompenhpost.com/business/micro-insurance-needs-revamp-un
Government salaries to no longer be paid in cash
The wages of 400,000 civil servants from 39 government ministries are to be paid via a new electronic banking system due to be rolled out next month. Secretary of State for the Ministry of Economy and Finance Chu Kim Leng announced the new payroll system on ...
Chan Muy Hong
http://www.phnompenhpost.com/business/government-salaries-no-longer-be-paid-cash
IMF chief pledges continued support to Cambodian reforms
The International Monetary Fund (IMF) Managing Director Christine Lagarde pledged Monday to continue providing technical assistance to Cambodia for financial and fiscal reforms. Speaking during a meeting with Cambodian Economy and Finance Minister Aun Porn Moniroth, Lagarde hailed Cambodia for sound macroeconomic management and fruitful cooperation ...
Xinhuanet News Staff
http://news.xinhuanet.com/english/world/2013-12/02/c_132935757.htm
Finance Ministry Defends Ambiguity in 2014 Budget Bill
The Finance Ministry on Wednesday defended itself against recent reports that some 45 percent of the government’s $3.4 billion draft budget for 2014 remains unallocated, issuing a statement explaining that the money will pay for loans, subsidies and other vital expenses. According to the statement, ...
Hul Reaksmey
http://www.cambodiadaily.com/news/finance-ministry-defends-ambiguity-in-2014-budget-bill-47530/
Cambodia's trade with China up 31 pct in 9 months
The bilateral trade volume between Cambodia and China rose by 31 percent in the first nine months of the year thanks to closer ties between the two governments, Chinese Ambassador to Cambodia Bu Jianguo said Thursday. From January to September this year, the two-way trade volume ...
ECNS News Staff
http://www.ecns.cn/business/2013/11-15/88574.shtml