Anti-Vietnam talk by CNRP ‘alarms’ envoy

Fri, 17 January 2014

Kevin Ponniah

UN human rights envoy Surya Subedi yesterday said he was “alarmed” by anti-Vietnamese language used by the opposition party to rally its supporters, a message he said he had conveyed to Cambodia National Rescue Party leaders during his visit.

Speaking at a press conference to conclude his visit, Subedi said he had told CNRP leaders that tolerance and racial harmony would be crucial for the future of Cambodian democracy.

“I am alarmed by the anti-Vietnamese language allegedly used in public by the opposition,” he said.

Subedi also noted attacks on several Vietnamese-owned businesses during violent clashes between striking garment workers and authorities on January 3.

“Dissemination of ideas based on racial superiority or hatred, incitement to racial discrimination, as well as acts of violence or incitement to such acts against any race or group of person of another colour or ethnic origin … have no place in a democratic society,” he said.

In talks with him, CNRP leaders had denied they meant what others had inferred from their statements, Subedi added in response to a question, without specifying what those inferences were.

“Whatever measures other people [had] inferred from their statements, it was not their intention. They were not implying that,” he said. “People were perhaps inferring different conclusions from that, but they [CNRP leadership] assured me they will [work], and they have worked, within a democratic framework and respecting tolerance and racial harmony.”

Vietnamese illegal immigrants living and working in Cambodia, as well as Vietnamese companies holding economic land concessions and alleged Vietnamese land-grabbing, have been a frequent theme of CNRP rhetoric both before and after the election.

In December, the Cambodian Center for Human Rights criticized the opposition initially for using “harmful language” against Vietnamese and later, in a follow-up statement, for singling out Vietnamese for criticism.

During Subedi’s last visit to the Kingdom in May, senior minister and Cambodian Human Rights Committee head Om Yentieng complained that Subedi never targeted the opposition. At the time, Yentieng said Subedi’s reports were weaker than European football arbitrators for not mentioning racial discrimination by the opposition and compared Subedi’s work to “an arrow shooting at one side of the government”.

Perhaps in response, Subedi’s press statement following that visit urged all sides to “refrain completely from exploiting racial sentiments” but did not specifically name the CNRP, in contrast to yesterday’s much stronger statement.

CNRP leaders Sam Rainsy and Kem Sokha could not be reached for comment yesterday, but a statement from the party released August 27 clarified its position on the Vietnamese issue.

“The CNRP opposes violence, racism, xenophobia and discrimination,” it said.

US Passes Bill to Suspend Some Aid to Cambodia

By Zsombor Peter - January 17, 2014

The U.S. House of Representatives on Wednesday passed a spending bill that would suspend some funding to Cambodia until the government carries out an independent investigation of July’s disputed national election and reforms its electoral system, or until the opposition ends its boycott of parliament.

The bill also instructs the World Bank not to “reengage” with Cambodia until the election dispute is settled and to report to U.S. lawmakers regularly on what the Bank is doing to help the thousands of families evicted in recent years from Phnom Penh’s Boeng Kak neighborhood. 

The bill, if approved by the U.S. Senate in the coming days, would follow through on threats some U.S. lawmakers had made to cut aid funding over Cambodia’s flawed election, which returned Prime Minister Hun Sen to power but tainted the ruling CPP’s win due to evidence of widespread irregularities.

While the U.S. hasn’t rejected the results of the election, it has conspicuously avoided endorsing them.

The spending bill may carry more force as a symbolic gesture than as a financial burden, however. The text of the bill does not specify just how much aid Cambodia could lose out on, and includes exceptions that would prevent much of it from being withdrawn.

Of the more than $1 billion in aid foreign donors shower on Cambodia each year, less than $80 million comes from the U.S., and most of that goes directly to nongovernment groups. The new spending bill targets only those funds that would go straight into government coffers for anything other than humanitarian aid. It also protects any funds for human rights training for the Royal Cambodian Armed Forces, units of which have recently implicated in violently putting down a protest for higher garment factory wages.

Whatever modest aid is left, the bill would have it suspended until “a) such government is conducting and implementing, with the concurrence of the political opposition in Cambodia, an independent and credible investigation into irregularities associated with the July 28, 2013, parliamentary elections, and comprehensive reform of the National Election Committee [NEC] or b) all parties that won parliamentary seats in such elections have agreed to join the National Assembly, and the National Assembly is conducting business in accordance with the Cambodian Constitution.”

The opposition CNRP won nearly half the Assembly’s 123 seats in the July poll and claims it would have won a majority had the voting been free and fair. The party has refused to take its seats since the Assembly convened in September and is calling for an independent investigation and reforms to the NEC. Prime Minister Hun Sen’s government is refusing to do either.

Negotiations between the opposition and ruling CPP are still stalled, while mass protests against Mr. Hun Sen came to an abrupt end early this month after government thugs raided a camp of opposition supporters in central Phnom Penh.

CPP lawmaker and party spokesman Cheam Yeap said he was deeply disappointed by the bill’s passage and accused the U.S. of unfairly singling out Cambodia.

“I very much regret that America passed the law only on Cambodia; why doesn’t America implement this on other countries?” he asked. “I study the law a lot, I know about international law and common law. According to procedure, the Western countries should not do things like this.”

Mr. Yeap lamented what he felt was an American bias toward the opposition. “America cannot control Cambodia,” he added.

As for Phnom Penh’s Boeng Kak neighborhood, from which the government has in recent years illegally evicted some 3,000 families to make way for a CPP senator’s real estate project, the spending bill calls for more accountability from the World Bank.

In early 2011, an independent investigation concluded that a World Bank project in Cambodia that was meant to furnish Cambodians with land titles had actually helped to strip the Boeng Kak families of their land rights. Later that year, the Bank confirmed that it was suspending all new lending to Cambodia until the government and families reached an agreement to compensate the evictees.

The spending bill would have the U.S. treasury secretary direct the World Bank’s American executive director to report regularly to the House Appropriations Committee on what the Bank was doing to “provide appropriate redress” to the Boeng Kak families harmed by the Bank’s land titling project. The Bank director would also have to tell the Appropriations Committee what he was doing to “postpone reengagement” with Cambodia until the election dispute was resolved.

Evictees and human rights groups have accused the World Bank of not doing enough to help the displaced families.

Tep Vanny, a Boeng Kak resident who has protested against the evictions for years and paid for it with jail time, welcomed the provision in the new bill by the House of Representatives.

“We are very glad for the solidarity of the American people and we hope that the World Bank will take notice. It is time to resolve our case once and for all because our people have suffered long enough,” she said in a statement circulated by rights groups.

The bill would also suspend any U.S. funds appropriated for the Khmer Rouge tribunal until the Cambodian government provides or secures funding for the national side of the hybrid, U.N.-backed court.

The government is obliged to support the chronically under-funded national side of the court under its agreement with the U.N. but has largely failed to do so.

The U.S. is the court’s third- largest donor, behind Japan and Australia. Of the $200 million provided by donors to the court as of September, the U.S. has given $16.1 million, or about 8 percent.

U.S. Embassy spokesman Sean McIntosh declined to comment on how much aid the bill could actually cost Cambodia.

“In general we do not comment on pending legislation,” he said.

(Additional reporting by Khy Sovuthy)

Cambodians Ranked Healthiest Eaters in World

By Emily Wilkins - January 16, 2014

Cambodia was ranked the best country in the world for healthy eating habits due to its low rates of diabetes and obesity, according to a report released Wednesday by Oxfam International.

However, the report, which ranks food health and availability across the world, emphasizes that Cambodia’s top ranking is nothing to celebrate, as its healthy diet is directly linked to food scarcity.

When Cambodia’s score on healthy eating was combined with its scores for adequacy of nutrition and percentage of underweight children, Cambodia dropped from first place to 74th in Oxfam’s ranking.

“What’s clear is that the amount of food available is far more of a priority concern for the country,” said Lucy Brinicombe, senior press officer for Oxfam.

About 15.4 percent of Cambodia’s population is undernourished and 29 percent of children are underweight, the Oxfam report says.

The report measured countries on two additional criteria: affordability and food quality. Based on all measures, Cambodia ranked 88th, on par with Cameroon and Guinea-Bissau.

While diabetes and obesity are still low in Cambodia, they might be set to rise, said Maurits van Pelt, director of MoPoTsyo Patient Information Center, a local NGO that screens for diabetes.

Mr. van Pelt said he has seen an increase in consumption of sugary drinks among Cambodia’s youth and a decrease in the amount of exercise Cambodians of all ages get, due to mechanization of farming and more sedentary jobs available.

“Cambodians are quickly becoming heavier and more and more obese,” he said. “But [diabetes] is still relatively small.”

10 Ways to Improve Your English Writing Skills Today

Source: http://www.grammarcheck.net/10-ways-to-improve-your-english-writing-skills-today/

Learning to write English can be a frustratingly slow process. Every time you think you have written a word-perfect piece, some wise guy comes along and points out a mistake that you just don’t see anything wrong with. But before you snap your pencil and throw your books out of the window, take a deep breath and consider this… 

Firstly, you are probably a lot better at writing than you think. If those reading your written English understand what you mean, even though the grammar and spelling isn’t perfect, you’re half way there. 

Secondly, you’d be surprised at just how many native English speakers struggle with writing, and just how many mistakes native speakers make in their written communications. 

And lastly, writing skills are a combination of personal negligence, poor teaching, lack of proper feedback and few opportunities to put skills into practice. Which is why today we’re going to solve these issues by giving you 10 ways to start improving your English writing skills immediately.

1. Read as much as you can

In today’s world, an increasing number of people are reading solely from online sources. The bulk of this reading is done on blogs, which aren’t always very well written. To ensure you are digesting a wide spectrum of written English, you need to employ a diverse set of reading tools. Read newspapers, magazines, brochures, reports and any other materials you can find in niches of interest. This will give you a broader understanding of grammar, sentence structure and technical jargon across a wide range of literature. When you come across words or expressions you don’t understand, underline them and look them up once you have finished your reading session.

2. Engage in chat room and forum discussions

The key to perfecting your English skills is to learn to think in English. This skill will help you write better and faster. Chat rooms and forums force you to think in English because contributors are writing in English and usually responding quickly. This dynamic environment brings English speakers of varying proficiencies together in one place, providing the perfect platform for you to improve your writing and conversational skills.

3. Mind Your Slang

It ‘s fun to learn English slang words so that you can understand the “cool” words young people use, and of course understand colloquialisms in countries like America, the UK, and Australia. But be careful not to allow slang to creep into your written work. Words such as ‘innit’ and ‘dunno’ are not considered proper English grammar, and should not find their way into formal written communications.

4. Read This Punctuation Book

No person can become a great writer of English without exemplary punctuation skills, and no writer’s bookshelf – no matter how skilled he or she might be – is complete without a copy of Eats, Shoots & Leaves by Lynne Truss. Using examples from literature, history, neighborhood signage and other sources, the book demonstrates how commas, apostrophes and conjunctions shape the meaning of sentences. Eats, Shoots & Leaves is not your typical “learn punctuation” book, either. It’s written in a witty, almost story-like way that makes it wholly enjoyable. You can grab a copy here on Amazon.com.

5. Start a Personal Blog

I know, every man and his dog are blogging for world domination these days, but this tip isn’t suggesting you embark on a mission to become the next blogosphere superstar, this endeavour is about challenging yourself to put fingers to keyboard and have the confidence to put your English writing skills on the line for all to see. A personal blog will give you a platform to use newly discovered words and expressions, and to express your thoughts and opinions on subjects you’re interested in. Don’t worry, no one’s going to judge your grammatical flaws on a personal blog; if anything, people will be impressed by your efforts.

6. Build a personalized dictionary

Easy to do and very helpful, building a personalized dictionary will improve your English writing skills overnight. Writing down irregular verbs, idiomatic expressions, technical jargon and any new words you come across will prove a far more effective learning aid than a printed or online dictionary you consult passively on an irregular basis. No matter how efficient the digital world, when it comes to learning, there is nothing quite like writing something down to get it to stick in your brain.

7. Find a personal tutor

There is no better way to advance your English writing skills that by having your work reviewed by a native English speaker. Perhaps you know a teacher or other professional whose job requires high level English skills. Ask this person if, once a week, they can help you correct grammar, spelling, tone and style in a piece of written work. Taking action on this point alone will greatly advance your English writing skills.

8. Stay humble

Even native English speakers struggle to write perfect English, and very few ever reach the standard required for professional journalism or award-winning book writing, but this doesn’t mean you won’t get there. What it does mean, however, is that no matter how good you become, you must remain open to constructive criticism. The learning never stops, and an integral part of the learning process is discussing your work with those more advanced than you and taking their comments on board. Don’t miss vital opportunities to advance your writing skills by being too proud to listen.

9. Buy a personal dictionary & thesaurus

Once you begin editing and rewriting your own work you should invest in a dictionary and thesaurus. It’s true that you can use an online dictionary and thesaurus to save money, but there’s nothing like having your own hard copy at home. One reason for this is that it is best to turn off the Internet when you edit your work so that distractions such as Facebook and Twitter don’t disturb your concentration. Your personal dictionary and thesaurus will also come in handy when you go to do some work in a library, or when you are staying away from home in a place where the Internet isn’t readily available.

10. Take advantage of free online resources

While it’s definitely worth investing in the aforementioned print books, and striking a balance between learning on and offline, there are a number of efficient online resources you can use to improve your English writing skills on a daily basis. Start with these three popular websites:

MALAYSIA: Experts worry over quality of young doctors

The Straits Times-ANN29 November 2013 Issue No:298

Concerns are being raised about the quality of young doctors in Malaysia, with the country's biggest doctors' association raising the red flag on foreign medical colleges and experts also warning of sub-standard local training, writes Yong Yen Nie for The Straits Times-ANN.

The Malaysian Medical Association, the main representative body for all doctors, has called on the government to review its list of recognised foreign medical colleges. Those that have failed to meet the government's mandatory standards, it said, should have their accreditation withdrawn. The problem is not only with foreign medical colleges, experts say. Over the years, the government has allowed a mushrooming of private medical colleges in the country, as it strives for developed nation status.

Entry into one of the nine publicly funded medical schools is difficult as the number of places offered is limited. These public schools, viewed as prestigious institutions, are known to accept mainly those who score four As in the Malaysian equivalent of A levels. But the 30 or so private medical colleges have much lower minimum requirements.

Cambodia at the New Frontier—an Address to the Royal School of Administratio

 Source: http://www.imf.org/external/np/speeches/2013/120313.htm

 

By Christine Lagarde
Managing Director, International Monetary Fund
Phnom Penh, December 3, 2013

  As prepared for delivery

Good afternoon—tiveah sous-dey! It is such a joy and privilege to be here today. Let me thank and acknowledge His Excellency Pech Bunthin, Minister for Civil Service, as well as His Excellency Dr. Sum Map, the Director of this great school.

The Royal School of Administration is one of the premier academic institutions in Cambodia. Its job is to train the public servants of the future. It is a real center of excellence. You are here because you are the best and brightest talent in Cambodia. You are also here because of your unwavering dedication to public service, and to the noble virtue of helping and lifting up your fellow citizens.

As someone who was a public servant in France, and who is an international public servant today, I thank you and I salute you. You carry on your shoulders the hopes and dreams of Cambodia—a country where yesterday meets tomorrow, a country that blends enchanting beauty and visionary innovation.

Just this weekend, I had the great privilege of seeing the incredible temples at Angkor. There is nowhere in the world quite like this. The Khmer civilization was one of the greatest civilizations that humanity has ever known. You have a cultural heritage that is second to none.

Today, modern Cambodia represents Asia at its very best—looking outwards with optimism and embracing the world; building on the past in pursuit of an even better and more inclusive future; and always imbued with an abiding spirit of harmony and cohesion.

Cambodia today stands at the frontier. It is opening up a new economic chapter, a chapter filled with promise and possibility. As your performance propels you toward greater prosperity, you are on the way toward becoming a dynamic emerging market.

With this in mind, let me talk about two things today: (i) the economic environment in which Cambodia will be emerging; and (ii) how Cambodia can thrive in this environment and continue its upward momentum.

1. A new economic environment

Let me begin by talking about the environment you are entering—the global and regional economy being forged right under your feet.

The defining features of this new economy are the rise of Asia and the power of interconnections.

As many have noted, just as the 19^th century belonged to Europe, and the 20^th century was most associated with the United States, all signs point to the 21^st century as the Asian century. This is your moment.

Look at how quickly the sands are shifting. Fifty years ago, the emerging markets and developing economies accounted for about a quarter of world GDP. Today, it is half, and rising rapidly—very likely to two-thirds of global GDP within the next decade.

This shift—unprecedented in scale and speed—is being driven by Asia. By some estimates, developing Asia alone will account for half of global GDP by 2050.

We are also seeing the dramatic rise of a global middle class, and with it, the rising aspirations of global citizens—for the opportunity to embark upon their own life journeys without encumbrance, for the chance to flourish in all of their endeavors.

By 2030, some studies claim that the global middle class will surpass 5 billion people, up from 2 billion today. Within a decade, the world could pass a magnificent milestone, with—for the first time ever—more middle class than poor people.

Once again, it is Asia in the vanguard, accounting for 85 percent of this rise. Again, this is your moment—for the people of Cambodia will certainly be vital members of that global middle class.

In so many ways, all roads are leading to Asia. Those roads are also turning into superhighways. As they do so, they are drawing the world much closer together.

The global economy is now more entwined than ever. Over the past three decades, the volume of world trade has increased fivefold. Once more, Asia is leading the way: over the past decade alone, trade within Asia tripled, and regional trade within emerging Asia grew even faster.

It is the same with financial flows. Since the IMF was founded in 1944, financial integration has increased by a factor of ten or more. By the time of the 2008 crisis, global capital flows were more than triple the level of 1995.

Nowhere are the interconnections more evident than in the world of communications. When I was young, people communicated by letter. International phone calls were prohibitively expensive. I remember living as a teenager in Washington, waiting five days for a letter to come all the way from my home in France.

It is a different world today. 3 billion people are now connected to each other on the internet. 3 million emails are sent each second. There are almost as many mobile devices as people on the planet.

In this new world, the connections never stop. There is no off switch. The world has become a hyperconnected hive of unified activity.

This world offers great promise—I would say greater promise than ever before in human history. The possibilities are endless, the opportunities limitless, the prospects vast.

This too is part of the Asian story. Asia has always thrived by embracing, not withdrawing from, the wider world. Its openness has been essential to its success—becoming the world’s most dynamic region, lifting hundreds of millions of people from poverty.

While integration makes us all better off, however, it does not come without risk. Deeper financial integration can make crises more likely and more harmful. We saw this play out during the global financial crisis.

For an interconnected world, even the smallest economic drumbeat can be amplified, echoing and reverberating across the world, often in an instant, often in unpredictable tones and pitches.

Another risk is that, in a high-speed global economy, too many people get left behind. In too many places, we see signs of rising inequality—which in turn can threaten sustained growth, economic stability, and social cohesion.

This is a live issue in Asia. Over the past quarter century, inequality has risen faster in Asia than in any other region. This is in stark contrast to the first wave of the Asian economic miracle—the three decades before 1990—when growth was broadly shared across the population.

The correct response to these risks is not to build barriers and hide behind walls. It is to walk out into the world—but with the right preparation and the right protection.

There is an old Khmer proverb that says the following: “Thousands of candles can be lit from a single candle, and the life of the candle will not be shortened”. In other words, our goal must to be link the world through illumination, and make sure these candles are not blown out.

2. How Cambodia can continue to thrive in this new environment

Let be now turn to my second point—how Cambodia fits into this picture.

So far, this country has navigated the world of interconnections extremely well. Its rise has been nothing short of remarkable—with growth averaging around 8 percent over the past decade, it has managed to double its per–capita income. The forward march continues, with growth expected around 7 percent this year and next.

In a true Asian spirit, Cambodia’s performance is driven by its openness to the world. Exports have nearly quadrupled over the past decade. While this has been dominated by garments, there are clear signs of diversification on the horizon. Foreign direct investment is shifting beyond garments, with FDI from Japan alone rising more than ten-fold since 2010. Tourism is also growing and diversifying, as more people are finding more places to love in your beautiful country.

This performance has been supported by sound macroeconomic policies and management. Policymakers have managed the public purse very well, and are striving to build a well-supervised and sound financial system.

Cambodia is also fairly well insulated from any financial turbulence in the wider global economy, given its fairly limited direct linkages into international capital markets, and the fact that most capital that flows into Cambodia is in the form of FDI. Still, headwinds from global capital markets—such as from the end of easy money in the United States—can affect the regional economies and spill over to Cambodia.

The key now is for Cambodia to continue its forward march and upward momentum, making the most of its position in the heart of Asia, the hub of the interconnected world.

Going forward, I think there are three priorities for public policy—laying the foundation for future success, ensuring that all participate in the prosperity of Cambodia, and ensuring that Cambodia participates in the prosperity of the region.

Let me talk about each in turn.

Laying the foundation for future success

Laying the foundation for future success must begin with education. As you all know so well, education is the stepping stone to a better world. Through education, we take a candle and we enlighten the entire country, the entire region, the entire world.

This is especially important in Cambodia, which is such a youthful country—with a third of the population under the age of 14.

Cambodia is at the cusp of a great change—moving from agriculture to industry, from farm to city. It is the young people who must manage this change, and they must be given the opportunity to acquire the skills and knowledge they need. They need education and they need jobs.

These needs are great. Youth unemployment remains high, and a quarter of a million people enter the labor market every single year.

While there has been good progress, Cambodia is still being held back by low levels of education and by inadequate skills. Spending on education is still only 2½ percent of GDP.

Each and every young person in Cambodia deserves the chance to achieve their true potential—and in turn, the potential of the economy. The next Steve Jobs, or Marie Curie, might be somewhere in Cambodia.

Investing in the future does not end with education, however. Cambodia needs investment in infrastructure—especially in power facilities, roads, and bridges. It needs greater economic diversification, including through rural development. It needs stronger institutions and governance. It needs a better business climate, based on impartiality and predictability.

Ensuring that all participate in the prosperity of Cambodia

Let me now turn to the second priority—ensuring that all citizens participate in the prosperity of Cambodia. To follow in the footsteps of Asian success, growth needs to become more inclusive—lifting everybody together and providing opportunities for all.

Cambodia has made great progress here, with the incidence of poverty falling from over 50 percent in 2004 to 20 percent in 2011. Yet too many people are still living in extreme poverty, earning less than $1.25 a day.

We know that poverty and inequality are bad for sustained growth—the kind of growth that Cambodia needs to become a vibrant emerging market. It makes it harder for people to get finance, makes countries more vulnerable to economic shocks, and reduces the trust that is the lifeblood of economic progress.

Again, there is a great Khmer proverb that speaks to this: “The rich depends on and thus should respect the poor; as the skirts surrounding the body; the brain needs the brawn; as the big ship depends on small boats.”

How can we support those small boats and make growth more inclusive? More spending on the social sector, especially on health and education, is a key first step.

Beyond that, a higher labor share of income would help create that vibrant middle class we are all waiting for—by expanding rural employment programs, shrinking the informal sector, and making sure that all workers have sufficient wages to live with dignity and security. Greater access to financial services is also a crucial stepping stone to success.

When I talk about including all in rising prosperity, I am talking about women too—half of the population! As was demonstrated in a recent IMF study, letting women participate in labor markets to the same degree as men can raise per capita income substantially—including by 23 percent in South Asia, and by 15 percent in East Asia and the Pacific.

I am pleased to note that Cambodia is ahead of the curve here—80 percent of its women participate in the labor force, against a global average of only 50 percent. Even so, women earn only three quarters as much as men for similar work, and three quarters of women are stuck in low-wage informal jobs. They face glass ceilings and income ceilings.

I know that Cambodia is home to some of the most dynamic and dedicated women in the world. They represent the best of Cambodia and the future of Cambodia. By doing more to lift their dignity and let them flourish, Cambodia will be assured of success in the years ahead.

Ensuring that Cambodia participates in the prosperity of the region

Let me now turn to my third priority—ensuring that Cambodia participates in the prosperity of the region, a region that is rising rapidly in economic prominence. This calls for a sustained commitment to openness and economic cooperation—the values that have always served Asia so well.

As always, there is a great Khmer proverb for this: “a bunch of chopsticks is hard to be broken”. In other words, binding ourselves together makes us stronger—and better able to thrive in an interconnected world.

You know this here in Cambodia, especially through the ASEAN countries’ commitment to deeper cooperation. The ASEAN Economic Community, expected to come on line in 2015, is a major step forward, offering boundless opportunities for the Cambodian people. Most immediately, it offers Cambodia larger markets and larger FDI, which can lead to more jobs.

It can also lead to greater financial integration. In turn, this can boost domestic demand, partly by making it easier for small businesses right here in Cambodia to get credit. It can make economies safer, by allowing more insurance against adverse developments. It can reduce inequality, by letting more poor people have access to financial services.

Of course, integration comes with costs too, as countries like Cambodia could be overwhelmed with surges in capital inflows in a way that threatens financial stability. Indeed, we are already seeing some warnings signs here, with rapid credit expansion. This needs to be managed carefully through monetary and financial policies.

While we talk about economic cooperation, I must mention the IMF. For the IMF is the forum for economic cooperation in the world today. Cooperation is why we were founded; it is in our lifeblood.

I am proud of the great partnership between the IMF and Cambodia over the years. We stood together as you built the foundations and institutions of your economy.

I promise you this: we will continue to stand together with you—to serve you—as you step across the frontier to lasting success. We are your friends.

Conclusion

Let me conclude. You are the future policymakers of Cambodia. The path I have talked about is your path.

I have already quoted a number of Khmer proverbs, so if you will indulge me, I will now quote a Frenchman! It was Pierre Teilhard de Chardin who said the following: “Our duty, as men and women, is to proceed as if limits to our ability did not exist. We are collaborators in creation”.

This is the thought I want to leave you with. You are called upon to create a dynamic economy of tomorrow, to push Cambodia toward the frontier and beyond. You are called upon to guide Cambodia as it reaches its true destiny—its “veasna”, as you say in Khmer.

I have full confidence and optimism in you and your abilities.

Thank you—aw-kohn!