National Workshop on Capacity-building for External Debt Management. Conclusion and Recommendations Cambodia February 2006. Summary Status
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Sustainable level of external debt (at present favourable external debt ratio, low share of short term debt and high share of concessional debt) given appropriate macro and financial policies are in place
Down side risks remain-low revenue/GDP ratio and thus pressure on the budget
Lack of a proper mechanism to monitor and manage debt is a concern
Developing domestic bond markets should be regarded as a medium- to long-term goal, and thus, improving the soundness of the financial sector should be given the highest priority
Private firms should be able to regularly issue corporate bonds at relatively low costs
There is limited demand for long-term bonds, since (mostly risk-averse) individual investors tend to hold their assets in the form of liquid, safe bank deposits. There are few institutional investors in the country in the presence of low financial asset accumulation and low per capita income level.