Cambodian government data shows that China accounts for more than a third of the Southeast Asian country’s $11.6 billion in outstanding debt, according to Reuters.
However, no new loans were signed from January to September 2024 after China lent Cambodia nearly 212 million USD in the same period last year, according to Reuters citing data from the Cambodian Ministry of Finance.
Cambodian Senate President Hun Sen (left) meets Chinese Foreign Minister Wang Yi (right) in Phnom Penh on April 22
China’s Ministry of Foreign Affairs did not respond to questions about the loans but on December 11 affirmed: “China and Cambodia are firmly bonded friends. We will continue to strengthen cooperation with Cambodia and support Cambodia promotes development and improves people’s lives.”
Cambodian Ministry of Finance spokesman Meas Soksensan did not respond to a request for comment on the data published by the ministry above, according to Reuters.
However, to refute what he considered to be information he saw on social networks about China-Cambodia relations, Mr. Meas Soksensan wrote on Facebook: “I find it funny when information is shared that China stopped provide loans”.
“We have a lot of projects that countries will consider and will sign funding agreements, including grants and other preferential loans,” Mr. Meas Soksensan emphasized.
According to Reuters, Cambodia’s borrowing is not affected by China’s failure to approve new loans, because other creditors have lent a total of about $1 billion, nearly the same amount as the Southeast Asian country. borrowed in the first 9 months of last year.
Since the beginning of the year, the World Bank has signed loans worth 564 million USD, becoming Cambodia’s top creditor in 2024, followed by Japan with 262 million USD.
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Last year, China was Cambodia’s top creditor among partner countries, providing more than $300 million for the entire year. According to official figures, only the World Bank lent the most to Cambodia last year, with signed loans worth $500 million.
In 2022, China tops the list of lenders to Cambodia with signed loans of up to 567 million USD, followed by Japan and the Asian Development Bank, according to Reuters.
