(Phnom Penh): Cambodian Minister of Economy and Finance Aun Pornmoniroth received a courtesy call from Carlos Felipe Jaramillo, World Bank Vice President for East Asia and Pacific, and his delegation during their mission to Cambodia on 16 March 2026.
The minister expressed his pleasure and appreciation for the strong cooperation of the World Bank, which has consistently supported and contributed to Cambodia’s socioeconomic development.
He also briefed the delegation on Cambodia’s macroeconomic situation and key challenges, including global economic uncertainty, shifts in trade policies, geopolitical tensions, the Cambodia–Thailand border situation, and rising oil prices due to conflicts in the Middle East. These factors have affected Cambodia’s economy, which is small, open, and highly integrated into regional and global value chains.
At the same time, he highlighted challenges in the financial sector that could impact financial stability and economic activity, as well as the need for economic diversification to ensure sustainable growth and job creation amid uncertainty.
Carlos Felipe Jaramillo reaffirmed the World Bank’s commitment to continue supporting Cambodia in achieving its Vision 2050 through the new Country Partnership Framework (CPF) 2025–2029, which focuses on (1) Human capital development, (2) Enhancing competitiveness for better jobs, and (3) Strengthening resilience for vulnerable populations.
The CPF 2025–2029 has been officially approved by the World Bank’s Board of Executive Directors and was prepared in close collaboration with Cambodian government institutions and relevant stakeholders, aligned with national development strategies and priorities.
Additionally, Jaramillo highlighted the International Development Association (IDA21) financing framework, under which the World Bank will continue supporting Cambodia by maintaining existing financing levels and mobilizing additional resources.
The minister also emphasized priority sectors such as skills development and education, transport, and other areas aimed at improving the investment climate and trade facilitation to enhance competitiveness, productivity, and economic diversification, while maximizing benefits from free trade agreements.
He further stressed the urgent need for effective measures, including skills training and improved access to finance for SMEs and MSMEs, promoting informal economic activities, and supporting local enterprises to create jobs and absorb youth and returning workers from Thailand.
Jaramillo expressed support for these measures and reaffirmed that the World Bank stands ready to continue cooperation, provide technical assistance, and share international experience to support Cambodia in improving policies and institutional capacity, as well as advancing priority sectors essential to achieving Vision 2050.
Minister Aun Pornmoniroth reiterated the importance of the strategic partnership between the Royal Government of Cambodia and the World Bank in promoting sustainable development, job creation, and improving the well-being of Cambodian people, while further strengthening cooperation to ensure timely and effective implementation of priority projects and measures.
=FRESH NEWS
