Cambodia: Staff Report for the 2019 Article IV Consultation—Informational Annex

2019 Article IV consultation; Press Release; Staff Report; and Statement by the Executive Director for Cambodia


2019 Article IV consultation; Press Release; Staff Report; and Statement by the Executive Director for Cambodia

Fund Relations

(As of September 30, 2019)

Membership Status

Joined December 31, 1969; accepted the obligations under Article VIII, Sections 2, 3, and 4 on January 1, 2002.

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Outstanding Purchases and Loans: None

Latest Financial Arrangements:

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Formerly PRGF.

Overdue Obligations and Projected Payments to the Fund 2/

(SDR Million; based on existing use of resources and present holdings of SDRs):

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When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

Multilateral Debt Relief Initiative

As part of the Multilateral Debt Relief Initiative (MDRI), the IMF Executive Board on January 5, 2006, approved relief on 100 percent of debt incurred by Cambodia to the IMF before January 1, 2005. This resulted in the forgiving of all of Cambodia’s outstanding debt to the IMF, a total of SDR 56.8 million (about US$82 million). The authorities intend to spend the resources over a number of years, initially on rural irrigation projects. The National Bank of Cambodia (NBC) transferred the full MDRI proceeds to the Ministry of Economy and Finance effective March 2006.

Safeguards Assessment

A voluntary safeguards assessment of the NBC was completed in January 2010 at the request of the authorities, which updated the previous March 2004 voluntary assessment. The update assessment found that the NBC had taken steps to strengthen aspects of its safeguards framework; however, important recommendations proposed in 2004 were still outstanding, and some new risks had emerged in the area of external audit.

Exchange Rate Arrangement and Payments System

Cambodia’s de facto exchange regime is classified as other-managed arrangement. The de jure regime is a managed float. The official exchange rate, which is expressed in Riels per U.S. dollar, applies to all official external transactions conducted by the central government and state enterprises, and is used for accounting purposes by the NBC. It is determined by the foreign exchange market, with the official rate adjusted to be within 1 percent of the market rate on a daily basis.

Cambodia accepted the obligations of Article VIII, Sections 2, 3, and 4 on January 1, 2002. Cambodia maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions.

Article IV Consultation

Cambodia is on the standard 12-month Article IV consultation cycle. The last Article IV consultation discussions were held in Phnom Penh during September 19 – October 2, 2018. The Executive Board concluded the Article IV consultation (IMF Country Report 18/369) on November 28, 2018.

Financial Sector Assessment Program (FSAP)

The joint IMF-World Bank FSAP mission took place in March 2010 and the assessment was completed in October 2010.

Resident Representative

Mr. Yasuhisa Ojima has been the IMF Resident Representative for Cambodia since September 2019.

Relations with Other International Financial Institutions

World Bank:

Asian Development Bank:

Main Websites of Data

National Bank of Cambodia (

Exchange rates

Balance of payments

Ministry of Economy and Finance (

Government budget

Fiscal revenue, expenditure, and financing

Public Debt Bulletin

National Institute of Statistics (

Consumer Price Index

National accounts

Population census

Labor force survey

Socioeconomic survey

Household survey

National Summary Data Page (

Statistical Issues

(September 2019)

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Cambodia: Table of Common Indicators Required for Surveillance

(As of October 21, 2019)

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Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Semi-annual (S), Annually (A), Irregular (I), and Not Available (N/A).

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Deposit and loan rates.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.