Cambodia’s Small Debt: When Will the US Forgive? – US Department of State

Joe Yun
Deputy Assistant Secretary, Bureau of East Asian and Pacific Affairs
Statement before the Subcommittee on Asia, the Pacific, and the Global Environment House Foreign Affairs Committee

Washington, DC
September 30, 2010

Mr. Chairman, Ranking Member Manzullo, and Members of the Subcommittee, thank you for inviting me here today to testify about the growing U.S.- Cambodia bilateral relationship and, in particular, Cambodia’s outstanding bilateral debt to the United States.
Cambodia in Context

Given the many challenges that Cambodia faced as recent as a decade ago, the country has come a long way in recent years. It is enjoying increasing political stability and is slowly recovering from 30 years of war, including the atrocities of the Khmer Rouge era. Cambodia’s economy was the seventh fastest growing economy in the world over the past decade. While Cambodia experienced a recession in 2009, current predictions call for a return to strong growth in 2010 and 2011.