The Cambodia Microfinance Association (CMA) said Wednesday they had provided some form of relief to 118,000 borrowers, amid the novel coronavirus-induced economic slowdown, though providing little detail of the actions taken.
Ministry records obtained by VOA Khmer showed there were seven factories and seven workshops producing or seeking permits to produce masks and protective gear as of early April.
The findings show that 23 of the 30 respondents said their microfinance debt was the primary cause of migration. The lack of economic opportunities in Cambodia, which was the second most common reason given for migration.
These informal workers are one of the most vulnerable groups in the city, with little to no social protections, even though they provide the critical service of recycling the city’s garbage.
This prompted 135 civil society organizations this week to urge the Cambodian government to ensure that microfinance institutions immediately suspend all loan repayments and interests for at least three months.
Ath Thorn, president of the Cambodia Labor Confederation, said the conference will include worker representatives for various sectors and will focus on ensuring workers are protected during the pandemic.
Oil markets on the rebound as more countries ease COVID-19 lockdowns.
Overall GDP will decrease by about 10% in Southeast Asia this year, compared with the increase of close to 5% last year, Capital Economics forecast.
Asian markets were on the upswing Thursday as investors were encouraged by the steady recovery of the U.S. crude oil market after this week’s historic plunge.
Around 150 to 200 workers are coming back from Thailand every day, said Sar Kheng, raising concerns about a potential increase in poverty due to the economic fallout from the pandemic.
On April 9, the Cambodian government declared an inter-province travel ban fearing garment workers would defy the order to visit their hometowns during the Khmer New Year.
Informal financial service providers have been a traditional source of unregulated, and pricey, debt for Cambodians, even with the more recent proliferation of profit-making microfinance institutions.
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