Phnom penh: Prime Minister Samdech Moha Borvor Thipadei Hun Manet has called on the Association of Banks in Cambodia and the Cambodia Microfinance Association to consider ways to help reduce the financial burden on members of the armed forces.
According to Agence Kampuchea Presse, the appeal comes as recent clashes between Cambodian and Thai forces have led to the deaths and injuries of several soldiers and displaced hundreds of thousands of families who are now unable to earn a living, the Prime Minister said in a statement on his social media platform this evening.
'I urge the Association of Banks in Cambodia and the Cambodia Microfinance Association to explore measures to ease the financial hardship of our armed forces, who are heroically defending our territorial integrity in combat zones. This also includes support for the families of fallen and injured soldiers, as well as civilians displaced by the fighting,' he emphasised.
At the same time, he added, the Royal Government has prepared and is implementing a support package for injured and fallen soldiers and is also providing assistance to displaced families.
Earlier today, the National Bank of Cambodia issued a directive recommending all banking and financial institutions extend preferential treatment to displaced customers. This includes the waiving of all fees and penalties related to loans from now until Oct. 31, 2025, as well as the suspension of interest payments and deferment of principal repayments during the same period. Institutions are not required to capitalise interest on the outstanding principal under this arrangement.
Additionally, banking and financial institutions are advised to cancel loans of up to 80 million Riel (approximately US$20,000) for customers or co-borrowers who are fallen soldiers. They are also required to continue restructuring loans for other customers in line with existing regulations.
The directive further encourages banking and financial institutions to provide special preferential treatment, where feasible, to workers recently repatriated from Thailand and to frontline military personnel.