Cambodia's public debt stands at $11.24 billion

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Stock Market

Marginal decrease on the index with mixed main board performance on March 18 On March 18, 2024, the CSX index closed at 459.1 points, reflecting a marginal decrease of 0.28% from the previous day's close. Notable fluctuations were observed across the main board, with PEPC (+1.16%), PPSP (+0.48%), MJQE (+0.48%), ABC (+0.42%), and PPAP (+0.30%) posting gains. However, CGSM (-1.16%) experienced declines. PWSA, GTI, and PAS maintained their opening prices. On the growth board, DBDE and JSL gained by 1.44% and 0.25%, respectively. Trading activity for the day totaled 22,285 shares exchanged, with a cumulative trading value of KHR 148 million. (Source: YSC Research)

Economy and Industry

Cambodia's public debt stands at $11.24 billion According to the Ministry of Finance (MEF), Cambodia's public debt stood at $11.24 billion by the end of 2023 - the majority of public debt is in US dollars (46%) and in Special Drawing Rights (19%). Furthermore, 99.5% of the public debt is owed to foreign lenders while the rest being domestic public debt. In 2023, the Royal Government of Cambodia signed new concession loans with development partners for $1.81 billion with the purpose to finance public investment projects in priority sectors that support long-term sustainable growth and productivity. This year, the government is set to issue sovereign bonds totaling around $108 million, which will be used to provide direct revenue and ensure investment efficiency and sustainability of debt management. The ministry also remarked that the government repaid roughly $519 million for public external and domestic debt. (Source: Khmer Times)

Over 2,500 jobs available for ex-employees of Y&W Garment Co The Ministry of Labor and Vocational Training issued a statement to the ex-employees of Y&W Garment Co stating that there are over 2,500 jobs opportunities in the market. Yuen Po Faito, a Chinese national and owner of Y&W factory, fled the country and left almost 5,000 workers without their last paycheck and benefits, leading to the seizure of the company's asset under Phnom Penh Municipal Court. While the government is actively looking for solutions for the disgruntled employees, the government has also urged them to contact the National Employment Agency (NEA) in helping them gain new employment with other factories. Finally, under court procedure, the government is in the process of selling the company's assets which will be used to pay the worker's outstanding wages and benefits. (Source: Khmer Times)

Wing Bank and Camma Microfinance sings MoU to empower underprivileged communities Wing Bank and Camma Microfiannce Limited have signed a memorandum of understanding (MoU) in which Wing Bank has signed off on a $1 million financing agreement to provide safe water and sanitation facilities for underprivileged communities and contributing to the government's efforts to enhance community wellbeing. Neak Oknha Kith Meng, CEO of the Royal Group of Companies and Chairman of Wing Bank, noted that the company aim not only enhance financial inclusivity, but also contribute to the wellbeing of individuals and families by ensuring safe drinking water and sanitation facilities. The partnership between Wing Bank and Camma MFI illustrates the power of collaboration and the potential for financial institutions to drive positive change in the community as both companies help pave the way for a brighter future for the people of Cambodia. (Source: Phnom Penh Post)

Corporate News

Amru Rice eyes US expansion Amru Rice (Cambodia), one of the leading rice millers and exporters of the country, plans to expand exports of premium rice into the US in response to high demand from residents of Long Beach, California. Following the company's first 40 tons shipment to the United States in January, Song Saran, CEO of Amru Rice, is optimistic that the company can export as much as 5,000 tons in the future as more and more people became aware of their high-quality product. Chan Sokheang, President of the Cambodian Rice Federation (CRF) noted that Amru has recently begun exporting to the substantial market in California with the assistance of the consulate general and chamber of commerce representatives in the region to facilitate the export process. Furthermore, he noted that the US's robust demand for fragrant rice, highlighting the fact that approximately 6,000 tons of rice were imported from Thailand. According to data from CRF, roughly 650,000 tons of milled were exported to international markets in 2023, marking a 3% increase from 2022. (Source: Khmer Times)

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