{
  "title": "Press Release: IMF Concludes 2013 Article IV Mission to Cambodia",
  "publication": "IMF News, November 15, 2013",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr13451",
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  "summary": "Press Release No. 13/451",
  "publishDate": "2013-11-15",
  "sections": [
    {
      "heading": "Mission overview and timeline",
      "content": "- Press Release No. 13/451\n- Mission dates: November 4 -15, 2013\n- IMF team leader: Ms. Meral Karasulu\n- Purpose: 2013 Article IV consultations—assessment of macroeconomic developments and policy discussions with ministers and senior officials of the Royal Government of Cambodia; meetings with stakeholders including academic and business community, civil society, and development partners."
    },
    {
      "heading": "Macroeconomic outlook and key statistics",
      "content": "- GDP growth projected at 7 percent in 2013 due to recent floods and a temporary slowdown during the election period.\n- Growth projected to pick up to 7¼ percent next year as global recovery continues.\n- Inflation expected to be around 3-4 percent in 2013-14 supported by stable food and fuel prices.\n- Current account deficit fully financed by foreign direct investment (FDI) and official loans; projected to narrow over the medium term as exports grow and completion of large power projects slows import growth.\n- Gross official reserves: US$3.7 billion in September, about 3½ months of prospective imports.\n- Fiscal balance, excluding grants, is projected to improve further by about a half percentage point of GDP in 2013."
    },
    {
      "heading": "Downside and upside risks",
      "content": "- Downside risks:\n  - Prospective exit from unconventional monetary policy in the U.S. may have significant spillovers to the region, affecting Cambodia’s FDI, tourism, and bank flows from abroad.\n  - Slow European growth posing downside risks to garment exports.\n  - Domestic risks: extreme weather conditions, labor market instabilities, and rapid credit growth, particularly to the real estate and construction sector.\n- Upside factors:\n  - Improving power and rural infrastructure.\n  - More diversified FDI.\n  - Renewed reform momentum after the elections."
    },
    {
      "heading": "Fiscal policy priorities and recommendations",
      "content": "- Top fiscal priority: Rebuilding government deposits while maintaining an adequate level of capital and social spending.\n- Recommended policy focus:\n  - Safeguard the momentum of fiscal consolidation while addressing development needs.\n  - Continue implementing the Revenue Mobilization Strategy and Public Financial Management Reform Programs to finance development without jeopardizing fiscal sustainability.\n  - Increase fiscal buffers to mitigate adverse impacts of potential shocks.\n  - Reduce large wage gaps in the civil service as part of broader civil service reform to improve efficiency, productivity, quality, and governance of public services.\n  - Improve capacity to manage contingent liabilities to safeguard fiscal space."
    },
    {
      "heading": "Financial stability and monetary/market operations",
      "content": "- Emphasis on preserving macro-financial stability in a fast changing financial landscape by anticipating market developments to manage macro-financial risks.\n- Recommendations:\n  - Further improvement in the supervision of liquidity risks to increase resilience of the banking sector to potential funding pressures.\n  - Strengthen supervisory capacity and enforce micro-prudential regulations.\n  - Better monitoring of bank flows from abroad to improve monetary control over credit growth.\n  - Closely monitor a buoyant real estate market to avoid potential overheating in the sector.\n  - Improve coordination of surveillance among key supervisory agencies to ensure stability of a rapidly evolving financial system and readiness to respond to potential shocks.\n- Operational note: Launch of negotiable certificate of deposits by the National Bank of Cambodia (NBC) paves the way toward market-based monetary policy operations to better manage liquidity in the financial system."
    },
    {
      "heading": "Competitiveness, diversification, and human capital",
      "content": "- Policy focus: Promote competitiveness and improve human capital to diversify sources of growth and make it more inclusive.\n- Recommendations:\n  - Bolster early signs of diversifying FDI with better infrastructure and improved electricity supply.\n  - Continue improvements in the business climate, governance, and human capital, including education and training, to support private sector development.\n\nIMF Communications Department — Press Release concluding the 2013 Article IV mission to Cambodia (November 15, 2013).\n\n---\n\n\n References\n\n- Cambodia and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr13451"
    }
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    "Published: November 15, 2013",
    "Press Release No. 13/451",
    "Mission dates: November 4 -15, 2013",
    "IMF team leader: Ms. Meral Karasulu",
    "Purpose: 2013 Article IV consultations—assessment of macroeconomic developments and policy discussions with ministers and senior officials of the Royal Government of Cambodia; meetings with stakeholders including academic and business community, civil society, and development partners.",
    "GDP growth projected at 7 percent in 2013 due to recent floods and a temporary slowdown during the election period.",
    "Growth projected to pick up to 7¼ percent next year as global recovery continues.",
    "Inflation expected to be around 3-4 percent in 2013-14 supported by stable food and fuel prices.",
    "Current account deficit fully financed by foreign direct investment (FDI) and official loans; projected to narrow over the medium term as exports grow and completion of large power projects slows import growth.",
    "Gross official reserves: US$3.7 billion in September, about 3½ months of prospective imports.",
    "Fiscal balance, excluding grants, is projected to improve further by about a half percentage point of GDP in 2013.",
    "Downside risks:",
    "Upside factors:",
    "Top fiscal priority: Rebuilding government deposits while maintaining an adequate level of capital and social spending.",
    "Recommended policy focus:",
    "Emphasis on preserving macro-financial stability in a fast changing financial landscape by anticipating market developments to manage macro-financial risks.",
    "Recommendations:",
    "Operational note: Launch of negotiable certificate of deposits by the National Bank of Cambodia (NBC) paves the way toward market-based monetary policy operations to better manage liquidity in the financial system.",
    "Policy focus: Promote competitiveness and improve human capital to diversify sources of growth and make it more inclusive.",
    "Recommendations:",
    "[Cambodia and the IMF](http://www.imf.org/external/country/KHM/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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