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Cambodia asked America to cancel $300 million debts

Written By vibykhmer on Thursday, June 11, 2009 | 8:52 AM



MP Cheam Yeap (L) and MP Sik Bun Hok (R).

Source: Khmer Sthapana newspaper
Reported in English by Khmerization

A delegation of the Cambodian members of parliament has asked the U.S government to forfeit $300 million of debts that Cambodia owed since the early 1970s, reports Khmer Sthapana.

A delegation led by Mr. Cheam Yeap, an MP from the ruling Cambodian People's Party, visited America from 30th May t0 8th June and has asked the officials from the U.S State Department to cancel the debts which were owed by the Lon Nol regime since 1972. The U.S officials have told them that the request will be passed on to Secretary of State Hillary Clinton for consideration.

Mr. Cheam Yeap said that the original debt was $160 million but due to compounded interests for the last 37 years, the debts have doubled to $300 million.

During the 1980s, under the Heng Samrin regime, Cambodia had borrowed about $1,000 million from Russia. Cambodia had already asked Russia to cancel that debt, but so far has not received an answer from the Russian government yet.

Cambodia was said to be heavily in debted to China as the Khmer Rouge regime was said to have borrowed heavily from the Chinese government during their 3 year-rule in the 1970s.

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