Cambodia's Poorest Need Coronavirus Debt Relief

Chuck Borris · Post by **Chuck Borris** » Mon May 18, 2020 2:37 pm

John Bingham wrote: ↑Mon May 18, 2020 2:24 pm
Chuck Borris wrote: ↑Mon May 18, 2020 2:08 pm Weed is widely consumed around Cambodia anyway.
I've barely ever seen any Cambodians smoking.

From Wiki: "Cannabis was probably introduced to Southeast Asia around the 16th century, and used medicinally and in cuisine.[5] Cannabis has been traditionally grown in Cambodia and is a common ingredient in food."
Better than ice or yaba.

hunter8 · Post by **hunter8** » Mon May 18, 2020 2:38 pm

Clemen wrote: ↑Mon May 18, 2020 1:56 pm
hunter8 wrote: ↑Mon May 18, 2020 1:18 pm Which country in the region will be the first to open its doors to tourists will get a bigger relative share of them compared to before. The only problem is how to get there when most aircraft is grounded. But i guess countries will not be banning flights if the receiving country is ready to welcome them. Some European countries open their borders already or starting from June, not afraid any more. It was an irrational fear from the beginning and it must end.
Do you think you could actually post something on topic for once?

My post is strictly on topic, which is a crashing economy and how to save bits of it that can be saved. A good part of debt repayment comes from income from tourism.

Now, your post is completely useless. Try to stay away from commenting on my posts if you have nothing of value to add.

Doc67 · Post by **Doc67** » Mon May 18, 2020 2:40 pm

Clemen wrote: ↑Mon May 18, 2020 2:13 pm
Chuck Borris wrote: ↑Mon May 18, 2020 2:08 pm Open borders. Legalize weed. Open coffee shops like in NL. Weed is widely consumed around Cambodia anyway.
Because when you're baked you don't worry about your crushing debt?

Their debt is only crushing them because their government has stopped the tourists. They are an essential of the economic equation and everyone knows that. As soon as they open to borders the airlines will start flying again, and the reversal can begin. It will be slow at the start but this is low season anyway so many people migrate to other things at this time.

If the government did this and also the MFI's and banks gave a 60 days moratorium on loan payments and at the same time a similar moratorium on deposit interest, the crisis would be greatly relived. However, the idea of the rich forgoing their 8% term deposit interest to help out the poor with their18% loan account interest is probably a hard sell for the powers that be. Maybe that's because they are the ones on the 8% side of the equation and the MFI's and banks still want the difference.

Anchor Moy · Post by **Anchor Moy** » Mon May 18, 2020 2:43 pm

The government has closed a lot of businesses, thus putting many Cambodians out of work. The majority of the people who have lost their jobs were already struggling to pay off loans.
IMO, it's time for the authorities to put on their big boots and order the lenders (banks and MFIs) to cut people some slack with their repayments on their loans and interest rates. Rising poverty and crime rates do not make a healthy economy and you can't get blood from a stone. Even if everyone went back to work tomorrow, debts have been accumulating for the past two months, and many borrowers will never be able to catch up with payments.

theKid · Post by **theKid** » Mon May 18, 2020 2:53 pm

https://www.khmertimeskh.com/50724126/c ... tastrophe/

Bitte_Kein_Lexus · Post by **Bitte_Kein_Lexus** » Mon May 18, 2020 3:39 pm

I'm not sure who to feel bad for... They leveraged themselves out to the max and took out crazy loans against all common sense. Sure, you could argue that it was predatory lending (which it is), but they put themselves in that boat and have to take responsibility for their actions. I've seen several similar articles: 18k loans to buy tuktuk, house extension and so on with an income of $220... Mind you, I wouldn't cry much if some of these MFIs go bust either. The sector is barely regulated and has been playing the "helping the poor/NGO" card for years. Then again, the poorest (who have no collateral) typically turned to loan sharks when caps on the interest rates came in, so not sure what to make of the whole mess. Hopefully it won't turn into a crumbling sand castle and they can start realizing that things don't go "up" forever...

Clemen · Post by **Clemen** » Mon May 18, 2020 3:55 pm

Chuck Borris wrote: ↑Mon May 18, 2020 2:35 pm
Clemen wrote: ↑Mon May 18, 2020 2:13 pm
Chuck Borris wrote: ↑Mon May 18, 2020 2:08 pm Open borders. Legalize weed. Open coffee shops like in NL. Weed is widely consumed around Cambodia anyway.
Because when you're baked you don't worry about your crushing debt?
No, but collected taxes could be used for covid19 economic impact relieve.

https://www.forbes.com/sites/niallmccar ... e1447b7085

Really, they couldn't. Not unless the legislation was changed before the borders were opened, market and regulatory structures were in place. Not gonna happen, maybe someday, but not soon enough to help in the current crisis.

John Bingham · Post by **John Bingham** » Mon May 18, 2020 3:56 pm

Chuck Borris wrote: ↑Mon May 18, 2020 2:37 pm
John Bingham wrote: ↑Mon May 18, 2020 2:24 pm
Chuck Borris wrote: ↑Mon May 18, 2020 2:08 pm Weed is widely consumed around Cambodia anyway.
I've barely ever seen any Cambodians smoking.
From Wiki: "Cannabis was probably introduced to Southeast Asia around the 16th century, and used medicinally and in cuisine.[5] Cannabis has been traditionally grown in Cambodia and is a common ingredient in food."
Better than ice or yaba.

A tradition that is dying out since it was made illegal. Again - it is extremely rare to find Cambodians who smoke weed. I've talked to some who said they used to smoke back in the early 70s. Unfortunately Yama and ice are much more popular.

Kammekor · Post by **Kammekor** » Mon May 18, 2020 4:08 pm

Doc67 wrote: ↑Mon May 18, 2020 2:40 pm
Clemen wrote: ↑Mon May 18, 2020 2:13 pm
Chuck Borris wrote: ↑Mon May 18, 2020 2:08 pm Open borders. Legalize weed. Open coffee shops like in NL. Weed is widely consumed around Cambodia anyway.
Because when you're baked you don't worry about your crushing debt?
Their debt is only crushing them because their government has stopped the tourists. They are an essential of the economic equation and everyone knows that. As soon as they open to borders the airlines will start flying again, and the reversal can begin. It will be slow at the start but this is low season anyway so many people migrate to other things at this time.

If the government did this and also the MFI's and banks gave a 60 days moratorium on loan payments and at the same time a similar moratorium on deposit interest, the crisis would be greatly relived. However, the idea of the rich forgoing their 8% term deposit interest to help out the poor with their18% loan account interest is probably a hard sell for the powers that be. Maybe that's because they are the ones on the 8% side of the equation and the MFI's and banks still want the difference.

A bit naive. If Cambodia opens Pochentong tomorrow nothing will change. There are hardly any flights direct to Cambodia, most people travel through Bangkok, Singapore etc etc and those don't allow transfers yet. Bangkok for instance is closed until at least June 30th. This is a problem which Cambodia can't solve by itself.

Not even talking about quarantine measures imposed upon return which makes travel not worth it unless you go on a one way trip to cambodia.

Doc67 · Post by **Doc67** » Mon May 18, 2020 4:25 pm

Kammekor wrote: ↑Mon May 18, 2020 4:08 pm
Doc67 wrote: ↑Mon May 18, 2020 2:40 pm
Clemen wrote: ↑Mon May 18, 2020 2:13 pm
Chuck Borris wrote: ↑Mon May 18, 2020 2:08 pm Open borders. Legalize weed. Open coffee shops like in NL. Weed is widely consumed around Cambodia anyway.
Because when you're baked you don't worry about your crushing debt?
Their debt is only crushing them because their government has stopped the tourists. They are an essential of the economic equation and everyone knows that. As soon as they open to borders the airlines will start flying again, and the reversal can begin. It will be slow at the start but this is low season anyway so many people migrate to other things at this time.

If the government did this and also the MFI's and banks gave a 60 days moratorium on loan payments and at the same time a similar moratorium on deposit interest, the crisis would be greatly relived. However, the idea of the rich forgoing their 8% term deposit interest to help out the poor with their18% loan account interest is probably a hard sell for the powers that be. Maybe that's because they are the ones on the 8% side of the equation and the MFI's and banks still want the difference.
A bit naive. If Cambodia opens Pochentong tomorrow nothing will change. There are hardly any flights direct to Cambodia, most people travel through Bangkok, Singapore etc etc and those don't allow transfers yet. Bangkok for instance is closed until at least June 30th. This is a problem which Cambodia can't solve by itself.

Not even talking about quarantine measures imposed upon return which makes travel not worth it unless you go on a one way trip to cambodia.

Implicit in the term of opening the borders is the dropping of the quarantine threat and the negative Covid-19 test. Even one-wayers like me will not sign up to quarantine. Cambodia is just not worth it. Plenty of good places in Europe to hang out for the summer.

Thailand is just one transit hub, Malaysia may well open for transit and so too Singapore. That fixes PP's problem with Air Asia ready and willing. Anyway, people can still get in via Seoul with both Asiana and KA operating now and also to many European cities, so they seem a reasonable bet for a booking a few weeks in advance. Your move Cambodia...

Anyway, as I said, Europe is looking like a very good option right now, Sun, Sea, Sangria and Slappers - old school.

Cambodia's Poorest Need Coronavirus Debt Relief

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