Cambodia balks at World Bank loan interest rate hike

In view of the World Bank’s decision to increase interest rates from 0.7 percent to 2.8 percent the Cambodian government has decided to temporarily suspend lending from the international institution.
Permanent Secretary of State of the Ministry of Finance and Economics Vongsey said,
“This is unacceptable…and has forced us to decide to temporarily stop borrowing from this institution,” Vongsey said.
He hopes that the World Bank will reconsider and maintain the original preferential interest rate, especially during the COVID-19 pandemic.
“If (the World Bank) still disagre