Phnom Penh: The Association of Banks in Cambodia (ABC) and the Cambodia Microfinance Association (CMA) have expressed their stance to participate in resolving the loan issues of migrant workers returning from Thailand. The measures have been taken pursuant to the recommendation of Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia.
According to Agence Kampuchea Presse, in a joint statement issued on June 14, the ABC and CMA stated that member institutions of the two associations will practice flexibility measures to ease the financial burden of Cambodian workers returning from Thailand through loan restructuring. ‘The two associations will examine the possibility of introducing appropriate measures to ease the financial burden of workers through loan restructuring,’ read the joint statement.
Regarding this coordination measure, the associations ask workers to contact banking and financial institutions directly along with necessary documents such as identity cards, credit documents, employment cards, and related letters to discuss and find a better solution. Additionally, the two associations will continue to cooperate with the National Bank of Cambodia and relevant parties to ensure coordination and find suitable loan solutions for Cambodian workers.
On Saturday, Prime Minister Samdech Thipadei Hun Manet announced that the Royal Government of Cambodia has put in place necessary measures to respond to a potential large-scale return of Cambodian migrant workers from Thailand. Among the measures, Samdech Thipadei called on the ABC and CMA to consider easing the financial burden of returning workers, particularly those with existing debts, within a reasonable timeframe and based on institutional capacity.