January 18, 2009
SRP PROPOSES A $500-MILLION STIMULUS PACKAGE
TO COPE WITH WORLD ECONOMIC CRISIS
As published today in Khmer-language newspaper Rasmei Kampuchea, on January 16,
opposition leader Sam Rainsy wrote to Prime Minister Hun Sen urging the
Government "to take appropriate measures" and "to prepare a US$500-million
economic stimulus package", "in order to counter the fallout from the world
economic crisis, which is taking an increasingly heavy toll on Cambodia."
Full text of the original letter in Khmer at http://tinyurl.com/856ex7
English translation below and at http://tinyurl.com/7urlzy
Article in Rasmei Kampuchea at http://tinyurl.com/8mk7uh
SAM RAINSY'S LETTER TO HUN SEN
Translation from Khmer
Phnom Penh, 16 January 2009
To:
Samdech Hun Sen
Prime Minister of Cambodia
Through: His Excellency Nguon Nhel, Acting President of the National Assembly
Object: Request to the Government to take appropriate measures, in particular
to prepare a US$500-million economic stimulus package, in order to counter the
fallout from the world economic crisis, which is taking an increasingly heavy
toll on Cambodia.
Considering:
- Article 96 of the Constitution of the Kingdom of Cambodia.
- Detailed information that has already been widely published regarding the
world economic crisis which started more than a year ago and is extending to
all countries especially in Asia.
- Factual developments in Cambodia which reflect the consequences of the world
economic crisis, such as:
a.. sharp fall in the prices of agricultural products and similar decline in
farmers' revenues and living conditions;
b.. drop in land prices, property market hit by glut, construction works have
stopped in many places;
c.. factories have closed, tens of thousands of workers and employees in the
garment, construction, tourism and service industries have lost their jobs;
d.. living conditions for the population as a whole keep deteriorating
because retail prices and interest rates for borrowing money remain excessively
high.
- In the State budget for 2009, which the National Assembly and the Senate
adopted in December 2008, there is no provision whatsoever to address the new
situation resulting from the world economic crisis.
- Many countries in Asia, such as Japan, China, India, Indonesia, Malaysia,
Vietnam and Thailand, have prepared and are implementing economic stimulus
packages amounting to several US$ billions for each country, as a response to
the world economic crisis.
In line with the above object and considerations, I would like to request the
Government to consider taking a number of appropriate measures in order to
support economic activity and help Cambodia avoid the worst effects of the
world economic crisis.
Among the proposed measures, there is a US$ 500-million economic stimulus
package. A portion of the required funds should be obtained from internal
borrowings while the rest should come from international assistance as a
special emergency aid.
The State is to use the US$ 500 millions in order to implement a number of
special projects, such as:
- setting up mechanisms to support agricultural prices on the market since they
determine farmers' revenues and living conditions;
- building infrastructures that Cambodia lacks most (roads, railways,
water-control and irrigation systems, housing for the poor);
- works to protect the environment and to restore the ecological system that
has been disrupted nationwide, including replanting trees (reforestation) and
dredging lakes and rivers;
- tax cuts and reduction in fees for the use of public services;
- special social allowances;
- loans with reduced (lowest possible) interest rates for the needy.
Like neighboring countries which are re-adjusting their economic policies and
in order to help Cambodia compete with them, the State must actively intervene
in the country's economy by implementing appropriate fiscal and monetary
measures so as to boost economic activity and create jobs by increasing
aggregate demand in line with Keynesian theory of economics, which has regained
general acceptance all over the word.
I hope that the Government will consider my proposals aimed at defending
Cambodia's economy and the Khmer people's living conditions as elaborated above.
[signature]
Sam Rainsy
Member of Parliament
SRP President
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"Cambodia Discussion (CAMDISC) - www.cambodia.org" group.
This is an unmoderated forum. Please refrain from using foul language.
Thank you for your understanding. Peace among us and in Cambodia.
To post to this group, send email to [email protected]
To unsubscribe from this group, send email to
[email protected]
For more options, visit this group at http://groups.google.com/group/camdisc
Learn more - http://www.cambodia.org
-~----------~----~----~----~------~----~------~--~---
