In a significant diplomatic development, the Kingdom of Cambodia strengthened its ties with three major international financial institutions, the International Monetary Fund (IMF), the World Bank, and the Asian Infrastructure Investment Bank (AIIB). On 11 October 2024, Prime Minister Samdech Moha Borvor Thipadei HUN Manet received courtesy calls from the respective heads of these institutions, Mr. Kenji Okamura, Ms. Manuela V. Ferro, and Mr. Jin Liqun.
During the meetings, which took place on the margins of the 44″° and 45″ ASEAN Summit and Related Summits in Vientiane, Lao People’s Democratic Republic, Prime Minister HUN Manet expressed deep appreciation for the financial institutions’ significant contributions to Cambodia’s socio-economic progress. The IMF, World Bank, and AIIB reaffirmed their commitment to further supporting Cambodia’s growth and strengthening partnership with the country in key areas.
The talks focused on building good human capital, strengthening economic competitiveness, and diversification efforts. Prime Minister HUN Manet emphasized Cambodia’s development priorities, including its goal of transitioning from a Least Developed Country (LDC) status by 2029 to becoming a High-Income Country by 2050.
Key takeaways from the discussions include:
- Enhanced financial sector development support
- Infrastructure and statistics capacity building
- Strengthening of partnership in key areas, including economic competitiveness and diversification
These partnerships are crucial for Cambodia’s continued growth and integration into the regional and global community. As a key player in ASEAN cooperation, Cambodia is committed to fostering sustainable development and promoting economic prosperity throughout the region.
In conclusion, Cambodia’s strategic financial partnerships with the IMF, World Bank, and AIIB underscore the country’s commitment to regional growth and development. By leveraging these partnerships, Cambodia aims to build a strong foundation for its future economic success and cement its position as a leader in Southeast Asian affairs.