Cambodia pledged “drastic measures” against scam compounds in response to U.N. queries about 100,000 alleged human trafficking victims in Sihanoukville, but also denied finding any debt bondage and placed the country’s “reputation, dignity and benefits” at the top of its principles for combating the crime.
The Cambodian economy has recovered to pre-pandemic levels in several areas, but instability around the world threatens its outlook, a World Bank report said today.
Overindebtedness was a growing problem in Cambodia even before the pandemic struck. According to the Cambodia Socio-Economic Survey of 2019-2020, the average outstanding loan of $4,435 per household was an increase of around 85 percent compared to 2017 and a significant increase of 339 percent compared to 2014.
Bankruptcy is a seldom used legal provision in Cambodia, even though it has been part of regulations since the passage of the 2007 Law on Insolvency. This issue is most likely seen in the media in the context of garment factories going bankrupt and selling assets to pay creditors and employees.
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