Phnom Penh (FN), Mar. 30 – Cambodian prime minister Hun Sen mentioned the warning on global economic downturn by major international financial institutions such as the International Monetary Fund (IMF) and the World Bank (WB). He urged citizens not to panic withdrawing money from the banks.
The premier spoke at the graduation of more than 6,000 students of the National Institute of Business, held on Thursday (Mar. 30) at Diamond Island.
In addition to the global pandemic crisis, banking crises have recently emerged, and unresolved crisis between Russia and Ukraine has also worsen the world economy, including oil price, the premier said.
"Currently, the global economy is declaring a state of emergency. I think we should not panic withdrawing money from the bank. The IMF and WB have repeatedly warned about the global recession risk. However, this action cause bank run and would result in more bank collapses,” the premier underscored.
According to the premier, Cambodia’s banking is stable despite the warnings of a recession.