The Cambodian government has said that it will contribute 150 million USD to a regional fund established to combat the effects of the global economic crisis, according to local media.
The 80 billion-USD fund was announced on October 24 during the Asia-Europe Meeting in Beijing, the Phnom Penh Post said, quoting Cambodian Prime Minister Hun Sen as saying that Cambodia could contribute between five and 10 percent of its reserve budget to satisfy its commitment to the regional fund.
Thirteen countries agreed to contribute to the fund, with 80 percent of that total being provided by China, Japan and the Republic of Korea (RoK).
In a bid to cope with any adverse fall-out from the world financial crisis, the Cambodian government was decisive in tightening its management of its banking systems, requiring all banks to keep cash reserves at higher levels than previously.
The government also pledged to cut export tax on garment exports by 10 percent and grant free passports to workers who plan to work abroad in order to to boost labour exports.