World Bank lauds Cambodia’s effective COVID-19 response

The World Bank headquarters is seen in Washington, DC on May 20, 2021. - The World Bank announced on May 19, 2021 it will invest $2 billion to support medium and small businesses in Africa and boost trade in the region as it recovers from the Covid-19 downturn. The International Finance Corporation (IFC), the bank's development arm focused on private-sector development in emerging markets, will invest $1 billion in direct financing for businesses and another $1 billion in support of international trade finance. (Photo by Daniel SLIM / AFP)

The World Bank Regional Vice President for East Asia and Pacific Manuela V. Ferro recently visited Cambodia and appreciated the Kingdom’s effective COVID-19 response.

She encouraged the country to boost investments in education while jumpstarting economic recovery.

The bank recognised that despite the global economic crisis caused by the Covid-19, Cambodia is still striving to reach its goal of becoming a middle-income country. World Bank will extend its cooperation in several potential projects in the Kingdom.

During her visit between March 13 and 17, Ferro met with Prime Minister Hun Sen; Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth; Senior Minister and Minister of Public Works and Transport Sun Chanthol; Deputy Prime Minister and Minister of Land Management, Urban Planning and Construction Chea Sophara; Minister of Education, Youth and Sport Hang Chuon Naron, and Permanent Secretary of State, Ministry of Economy and Finance Vongsey Vissoth.

“Cambodia is still experiencing the negative impacts of COVID-19 on the economy, which is also being affected by high oil and food prices. With high vaccination rates, testing, and reopening, the country is well-positioned to jump-start a strong economic recovery,” said Ferro.

“The World Bank is supporting Cambodia on education and health services, economic reforms to increase investment and create new jobs, and increase access and quality of public services.”

In meetings with officials and the private sector, Ferro welcomed Cambodia’s effective management of the Covid-19 pandemic and its economic recovery programme. She noted that the recovery is an opportunity to forge a new growth path – through reforms that would boost the productivity of firms and workers, increase and diversify investments and exports.

Mr Hun Sen thanked the World Bank for its good cooperation and partnership.

Ferro also visited several World Bank-supported projects in the country. She observed classes and laboratories at the Institute of Technology of Cambodia, which is working with international university partners to upgrade engineering programmes at the bachelor’s and master’s degree levels. She also spoke with teachers, parents, and students at Tuol Prasat Sen Sok Secondary School, where efforts to improve school operations and student learning outcomes are resulting in lower dropout rates and better student performance and learning outcomes.

The World Bank portfolio in Cambodia currently comprises over $1.1 billion in net commitments. Khmer Times