{
  "title": "IMF Staff Completes a Staff Visit to Cambodia",
  "publication": "IMF News, March 17, 2018",
  "sourceUrl": "https://www.imf.org/en/news/articles/2018/03/16/pr1892-imf-staff-completes-a-staff-visit-to-cambodia",
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  "summary": "An IMF team led by Mr. Jarkko Turunen visited Phnom Penh from March 12 to 16, 2018, to conduct interim discussions on recent developments and Cambodia’s economic outlook.",
  "publishDate": "2018-03-17",
  "sections": [
    {
      "heading": "Mission overview",
      "content": "- An IMF team led by Mr. Jarkko Turunen visited Phnom Penh from March 12 to 16, 2018, to conduct interim discussions on recent developments and Cambodia’s economic outlook.\n- Statement issued on March 17, 2018.\n- The team met with senior officials of the Royal Government of Cambodia, National Bank of Cambodia, and other public agencies, and with a wide range of stakeholders including representatives of the business and banking sectors, think tanks, and development partners."
    },
    {
      "heading": "Near-term economic outlook and recent developments",
      "content": "- Cambodia’s near-term economic outlook remains positive with GDP growth at around 7 percent.\n- Inflation declined to 2.0 percent in January 2018.\n- The current account deficit is estimated to have remained broadly stable at 8.4 percent of GDP in 2017.\n- Foreign reserves continued to grow, reaching US$8.9 billion in January 2018.\n- Bank credit growth moderated somewhat to 17.2 percent in January 2018, though credit growth to real estate and construction related activities continues to grow at a higher pace than credit to other sectors."
    },
    {
      "heading": "Fiscal and external positions (selected statistics)",
      "content": "- The general government deficit is estimated to have widened to 2.6 percent of GDP in 2017.\n- Government deposits increased to 12.6 percent of GDP.\n- Public external debt remained relatively low at US$6,671 million (about 30 percent of GDP) at end-2017.\n- The 2018 budget includes further increases in public wages and capital spending, highlights education, health and social protection among priority development areas, and targets a higher deficit at about 5 percent of GDP."
    },
    {
      "heading": "Risks and upside factors",
      "content": "- Downside risks: Macro-financial and external risks remain significant; political uncertainties could dampen consumer and investor sentiment.\n- Upside potential: Stronger global growth may increase foreign demand for goods exports and tourism."
    },
    {
      "heading": "Policy recommendations and reforms",
      "content": "- Policies should focus on:\n  - Managing macro-financial risks.\n  - Safeguarding fiscal sustainability.\n  - Advancing reforms to support growth, resilience, and inclusion.\n- Specific measures and notes:\n  - Recently introduced credit risk and capital buffer regulations are welcome; implementation of these, as well as further steps outlined in the 2017 Article IV report, are needed to build resilience.\n  - A medium-term budget framework with a new revenue strategy is needed to safeguard fiscal sustainability, as recommended in the 2017 staff report.\n\nIMF staff end-of-mission statement, March 17, 2018.\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/2018/03/16/pr1892-imf-staff-completes-a-staff-visit-to-cambodia"
    }
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    "Published: March 17, 2018",
    "An IMF team led by Mr. Jarkko Turunen visited Phnom Penh from March 12 to 16, 2018, to conduct interim discussions on recent developments and Cambodia’s economic outlook.",
    "Statement issued on March 17, 2018.",
    "The team met with senior officials of the Royal Government of Cambodia, National Bank of Cambodia, and other public agencies, and with a wide range of stakeholders including representatives of the business and banking sectors, think tanks, and development partners.",
    "Cambodia’s near-term economic outlook remains positive with GDP growth at around 7 percent.",
    "Inflation declined to 2.0 percent in January 2018.",
    "The current account deficit is estimated to have remained broadly stable at 8.4 percent of GDP in 2017.",
    "Foreign reserves continued to grow, reaching US$8.9 billion in January 2018.",
    "Bank credit growth moderated somewhat to 17.2 percent in January 2018, though credit growth to real estate and construction related activities continues to grow at a higher pace than credit to other sectors.",
    "The general government deficit is estimated to have widened to 2.6 percent of GDP in 2017.",
    "Government deposits increased to 12.6 percent of GDP.",
    "Public external debt remained relatively low at US$6,671 million (about 30 percent of GDP) at end-2017.",
    "The 2018 budget includes further increases in public wages and capital spending, highlights education, health and social protection among priority development areas, and targets a higher deficit at about 5 percent of GDP.",
    "Downside risks: Macro-financial and external risks remain significant; political uncertainties could dampen consumer and investor sentiment.",
    "Upside potential: Stronger global growth may increase foreign demand for goods exports and tourism.",
    "Policies should focus on:",
    "Specific measures and notes:",
    "[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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