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Asia and Pacific > Cambodia

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Cover IMF Working Papers
How Far Has Globalization Gone? A Tale of Two Regions
Rodolfo Campos, Samuel Pienknagura, and Jacopo Timini
We study the evolution of trade globalization in a set of countries in Latin America (mostly the largest ones) and Asia over the past 25 years. Relying on structural gravity models, we first estimate a proxy of trade globalization that captures the ease of trading internationally with respect to trading domestically. Results indicate that the evolution of trade globalization since the mid-1990s has been similar between the two regions, but very heterogeneous within them. Trade globalization has been particularly strong in agriculture, mining and manufacturing, but has lagged in services. The paper also documents that trade globalization has been particularly strong in agriculture, mining and manufacturing, but it lagged in services. Within region heterogeneity is associated to a set of trade policy instruments, including tariffs, non-tariff measures, WTO membership. and trade agreements. Next, we quantify the economic implications of the estimated globalization trends. Simulations of a multi-sector trade model point to heterogeneous long-term impacts of globalization on GDP—some countries exhibiting substantial gains and others experiencing large losses—, with no single sector playing a preponderant role.
Keywords:
Trade; Globalization; Structural gravity; Latin America; Asia; trade globalization; globalization trend; IMF working paper 23/255; model point; globalization process; Trade policy; Manufacturing; Agricultural sector; Tariffs; Caribbean; Asia and Pacific; Global
Cover Policy Papers
2023 Review of The Fund's Anti-Money Laundering and Combating The Financing of Terrorism Strategy—Background Papers
International Monetary Fund. Legal Dept.
The background papers support the stocktaking analysis and the proposed way forward for the 2023 review of the IMF's AML/CFT Strategy. The five background papers provide in-depth discussions on the following key topics: (i) illicit financial flows; (ii) the impact of money laundering in financial stability; (iii) synergies between financial integrity issues and other Fund policies and work; (iv) the Fund’s collaboration with key partners in the AML/CFT global policy architecture; and (v) stakeholders’ views of the effectiveness of the Fund’s AML/CFT engagement.
Keywords:
AML/CFT; Anti-money laundering; Money laundering; Terrorism financing; Proliferation financing; Combating the Financing of Terrorism; Financial Stability; Financial Crime; Illicit financial flows; Financial Integrity; CFT issue; CFT framework; addressing IFF; FATF standard; Global AML; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Civil society organizations; Global; Baltics
Cover Policy Papers
Review of Implementation of The 2018 Framework for Enhanced Fund Engagement on Governance
International Monetary Fund. Fiscal Affairs Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department
This paper reviews the implementation of the “2018 Framework for Enhanced Fund Engagement on Governance” (the “2018 Governance Framework”). The Board adopted the 2018 Governance Framework to promote a more systematic, effective, candid, and evenhanded engagement with member countries regarding corruption of macro critical dimensions and governance vulnerabilities that allow corruption. Building upon various sources of information, including surveys with key stakeholders, the paper provides a comprehensive stocktaking of the Fund’s work in governance and corruption since 2018, and makes specific proposals to further improve implementation of the Framework.
Keywords:
governance; corruption; systematic; effective; candid; evenhanded; enhanced engagement; IMF Text Analytics database; IMF engagement; governance vulnerability; audit report; IMF's work; Auditing; Civil society organizations; Emergency assistance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Staff Country Reports
Cambodia: Technical Assistance Report on Government Finance Statistics Mission (December 6, 2021-January 11, 2022)
International Monetary Fund. Statistics Dept.
This paper presents Cambodia’s technical assistance (TA) report on Government Finance Statistics (GFS) Mission. The mission noted a limited progress in the compilation and dissemination of GFS and Public Sector Debt Statistics (PSDS) since the previous TA mission. The mission advised on the treatment of social security benefits and government support to public financial corporations in line with the Government Finance Statistics Manual 2014. The mission discussed with the gross domestic product (GDP) GFS Team the treatment of other accounts receivable/payable in GFS time series. The mission reviewed the joint work of the Ministry of Economy and Finance GDP and the National Bank of Cambodia on reconciling the coverage of government deposits, but progress here has been limited. The mission discussed quality issues in classifying government expenditure according to Classification of the Functions of Government. Additional limitations relate to the availability and detail of source data on net acquisition of nonfinancial assets. The mission also reviewed the first draft of the GFS/PSDS Technical Compilation and Dissemination Guidelines for Cambodia. The draft includes general overview and advantages of using GFS/PSDS framework, selected provisions on the existing institutional arrangements for GFS/PSDS in Cambodia, and the description of the general government sector.
Keywords:
Government Finance Statistics Public Financial Management (PFM) Budget Planning and Preparation Expenditure Financial Statements; IMF capacity development office; IMF's Statistics Department; PSDS framework; IMF Statistics Department; IMF activity; Government finance statistics; Asia and Pacific
Cover IMF Staff Country Reports
Cambodia: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cambodia
International Monetary Fund. Asia and Pacific Dept
After suffering a recession during the pandemic, the Cambodian economy was on a steady recovery path, but is facing new pressures in 2022 that have buffeted external demand and increased inflation rates. The authorities have largely continued with crisis policy responses and have pressed on with policy reforms. The recovery is projected to continue, notwithstanding external stresses. Risks of public debt distress remain low. However, the level of private debt raises concerns about potential debt overhang.
Keywords:
IMF-World Bank FSAP mission; IMF Database; Cambodia's economy; support measure; inflation expectation; growth outlook; Stress testing; Inflation; Credit; Global; Europe; Asia and Pacific
Cover IMF Staff Country Reports
Cambodia: Selected Issues
International Monetary Fund. Asia and Pacific Dept
Selected Issues
Keywords:
credit growth; credit contribution; assessing risk; food price inflation; private sector credit; Tax incentives; Inflation; Property tax; Excises; Energy prices; Asia and Pacific; Global
Cover Customs Matters
Customs Matters
Strengthening Customs Administration in a Changing World
Mr. Augusto A Perez Azcarraga, Mr. Tadatsugu Matsudaira, Mr. Gilles Montagnat-Rentier, Mr. Janos Nagy, and Mr. R. James Clark

Abstract

Customs administrations around the world face new challenges: an increasing volume of international trade, a revolution in new technologies, and fundamental changes in business models. The benefits of a well-performing customs administration are clear, as is the need to develop efficient, effective, fair, and modern customs administrations. Customs Matters analyzes the many changes and challenges customs administrations face and pro-poses ways to address them. By offering a cross-sectional view of the main aspects of customs ad-ministration, the book guides policymakers and customs officials as they evaluate the current state of their customs system with a view to developing, reinforcing, or relaunching their own roadmaps for customs modernization.

Keywords:
customs; tax compliance; tax enforcement; tax evasion; border security; trade; customs modernization; public administration; public finance; value-added tax
Cover IMF Staff Country Reports
Cambodia: Technical Assistance Report-Government Finance Statistics Mission (April 26-July 15, 2021)
International Monetary Fund. Statistics Dept.
A follow-up technical assistance (TA) mission to the Ministry of Economy and Finance (MEF) was conducted remotely during 12 days over the period of April 26–July 15, 20211. This activity was part of Cambodia’s participation in the Japan-funded Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) Project for selected Asian countries (JSA3)2. The mission liaised with Mr. Alexandros Mourmouras, Director of the Capacity Development Office in Thailand (CDOT), Mr. Rifaat Basanti, the IMF Regional JSA3 GFS/PSDS Project Manager, Ms. Delphine Anne Moretti, the IMF Regional Public Financial Management (PFM) Advisor for Southeast Asia, and Mr. Sean Craig, Macroeconomic Advisor – all in the CDOT, and Mr. Yasuhisa Ojima, the IMF’s Resident Representative for Cambodia. The mission would like to thank the authorities for their excellent collaboration and support.
Keywords:
IMF capacity development office; IMF's Statistics Department; IMF Statistics Department; A. reconciling government deposit; authorities of Cambodia; Government finance statistics; Environment spending; Financial statements; Budget planning and preparation; Global; Southeast Asia
Cover IMF Staff Country Reports
Cambodia: 2021 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
The rapid spread of the virus in Cambodia during 2021 has set the economy back again, after external demand collapsed in 2020. The authorities responded to the crisis with measures to support households and firms, including increased healthcare spending; a new system of cash transfers to vulnerable households; loans and guarantees; tax breaks; and wage subsidies and retraining. Despite these measures, growth is estimated to have contracted by -3.1 percent in 2020. Growth in 2021 is expected to be 2.2 percent, slowly recovering to pre-crisis rates of around 6½ percent.
Keywords:
IMF-World Bank FSAP mission; policy setting; IMF's transparency policy; Policy discussion; burden indicator; Stress testing; Debt sustainability analysis; Loans; Asia and Pacific; Europe
Cover IMF Staff Country Reports
Cambodia: Technical Assistance Report—Government Finance Statistics Mission
International Monetary Fund. Statistics Dept.
The A remote technical assistance (TA) mission to the Ministry of Economy and Finance (MEF) was conducted during ten days over the period of August 31–November 30, 2020.1 This activity was part of Cambodia’s participation in the Japan-funded Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) Project for selected Asian countries (JSA3)2. The overall goal of the JSA3 Project is to assist the MEF in strengthening compilation and dissemination of fiscal data in line with the GFS Manual 2014 and the PSDS: Guide for Compilers and Users to support macro-fiscal surveillance and decision making. The mission liaised with Mr. Alexandros Mourmouras, Director of the Capacity Development Office in Thailand (CDOT), Mr. Rifaat Basanti, the IMF Regional JSA3 GFS/PSDS Project Manager, Mr. Suhas Joshi, the IMF Regional Treasury Advisor—both in the CDOT, Mr. Yasuhisa Ojima, the IMF’s Resident Representative for Cambodia, and Ms. Magdalena Tomczynska-Smith, the IMF’s Budget Planning Advisor for Cambodia. The mission would like to thank the authorities for their excellent collaboration and support (Appendix I lists the main official contacts).
Keywords:
PSDS compilation; government finance statistics yearbook; IMF's Statistics Department; GFS classification; IMF activity; Government finance statistics; Financial statements; PFM information systems; Fiscal accounting and reporting