People line up at the Poipet border checkpoint on June 14. Sok Sophorn
Prime Minister Hun Manet has expressed his appreciation and gratitude toward the private financial sector in Cambodia for responding positively to the government's call to explore ways to facilitate the easing of the financial burdens of workers returning from Thailand — especially those indebted to banks or microfinance institutions.
“I would like to thank the Association of Banks in Cambodia (ABC) and the Cambodia Microfinance Association (CMA) for positively responding to my call to explore the possibility of easing the financial burdens of Cambodia people returning from Thailand, especially those with debts to banks or microfinance institutions, to the fullest extent possible,” he said, earlier this morning June 16, via social media.
“This demonstrates a willingness to participate in the spirit of national unity and mutual support during times when our country and the Cambodian people are facing challenges,” he added.
The prime minister’s message followed a joint statement issued on the night of June 14 by the two financial associations — ABC and CMA — expressing full support for Hun Manet’s appeal.
He had previously urged both associations to explore possible ways to assist returning workers, particularly those who are in debt, within a feasible time frame and according to their capacity.
The joint statement from ABC and CMA affirmed their full support for the Prime Minister’s appeal to:”Explore the possibility of helping to facilitate the financial burden for our brothers and sisters returning from Thailand, especially those in debt with banks or microfinance institutions, according to each institution’s capacity or within a feasible period.”
“The member institutions of both associations will do their utmost to implement appropriate measures to alleviate financial burdens for the workers, including the use of the debt restructuring mechanisms which are already in place. In cases of need for restructuring or other forms of support, the associations encourage all indebted workers to directly contact their respective financial institutions during working hours, bringing along identification documents, loan agreements, work permits/passbooks and other relevant paperwork to discuss suitable solutions,” it added.
Both associations affirmed their continued cooperation with the National Bank of Cambodia and other stakeholders to ensure that financial institutions remain fully and widely engaged in supporting national socio-economic development and improving citizens' livelihoods — based on realistic capacities and under the guidance of the National Bank and the Royal Government.
