Chim riep sur, good morning!

-       Excellency Tep Phiyorin, Under Secretary of State, Ministry of Economy and Finance;

-       Ms. Pauline Tamesis, UN Resident Coordinator to Cambodia;

-       Mr. Andreas Zurbrugg, Deputy Ambassador, Australian Embassy in Cambodia

-       Distinguished members of our panel;

-       Distinguished representatives from the Government, non-government and private sectors, and Development Partners;

Excellencies and colleagues,

It is my pleasure to close this launch, following the rich analytical opening remarks, presentations and discussion on the socio-economic impacts of the Covid-19 pandemic in Cambodia and the Royal Government’s response measures.

First, I would like to extend my gratitude to Excellencies and Colleagues from Government institutions, development partners, civil society, private sector, UN agencies and other stakeholders participating in this launch.

In particular, I wish to convey our appreciation to the Ministry of Economy and Finance, with whom we have a close collaboration, and especially H.E. Tep Phiyorin for joining us today. In addition, to Ms. Pauline Tamesis, UN Resident Coordinator to Cambodia and Mr. Andreas Zurbrugg, Deputy Ambassador, Australian Embassy. We also value the contributions of Ms. Kruy Narin, Ms. Lim Solinn and Dr. George Gray Molina, who provided valuable analysis and insights.

Excellencies and colleagues,

Based on the analysis presented by Dr. Bazlul Khondker, and the policy brief by the economics team of UNDP and the UN Resident Coordinator’s Office, led by Dr. Ivan Gonzalez de Alba, we have come to the projections that GDP growth will move up to the positive zone, and that unemployment, consumption and poverty rates will improve considerably. Not only do these projections give us hope, but they present significant opportunities to lay a strong foundation for an inclusive, green and resilient economy through policy options for recovery and building forward better.

As many of us know, the Royal Government of Cambodia (RGC) rapidly rolled out cash transfers to around 700,000 households since the start of the pandemic. This level of social protection was much needed for the most vulnerable population and those hit hard by the pandemic. Ms. Pauline Tamesis highlighted in her welcome remarks that this was an unprecedented achievement, demonstrating how social protection is not a cost but an investment in people that help create a more dynamic, inclusive and robust economy.

UNDP has been working in collaboration with other UN agencies and development partners in our journey with the Royal Government of Cambodia to build a stronger social protection system. For example, with the Government of Australia last year, we were able to support the Ministry of Planning with digitization which facilitated the quick registration of families that had recently fallen into poverty. Along with the World Bank and GIZ, we are supporting the Ministry of Planning to recalibrate the ID-Poor system to increase the precision of targeting of poor and vulnerable households. We are appreciative of the Government of Australia’s recent top up of US$ 3.1 million through our joint Resilience Fund, for additional technical assistance for the Government’s economic recovery plan for 2021-2023 in line with the 2030 Sustainable Development Agenda.

In partnership with the Royal Government, we are also piloting a Graduation-based Social Protection (GBSP) programme, funded by the Russian Federation, which is testing combined livelihoods and social protection measures that seek to address both short-term vulnerabilities and boost long-term recovery and resilience for households to move out of poverty. Lessons could later be integrated into the National Social Protection Policy Framework, providing a more impactful alternative for the COVID -19 cash transfer programme.

While we continue to deal with the significant challenges presented by COVID-19, the projections today indicate that Cambodia’s economy is on a good path for social and economic recovery. Alongside, Cambodia has significant opportunities to take advantage of emerging green economies and value chains regionally and across the globe, accelerated by the fall out of the pandemic and the existential threat of climate change.

We note that greening economic recovery is an important agenda reflected in the Royal Government’s economic recovery plan. As H.E. Tep Phiyorin mentioned in his opening remarks, amidst the disruptions, the Royal Government believes the fallout of the pandemic is also an opportunity for transformation. Along with our partners, UNDP is expanding our portfolios to support green recovery.

We are supporting the Royal Government to broaden development financing sources through innovative financing tools and mechanisms. This includes the feasibility of issuing Khmer Riel bonds and SDG or green bonds, in addition to our work with other UN agencies on SDG Investor Maps.

Permit me to conclude by extending again our deepest appreciation to the MEF, as well as other government agencies, the non-government and private sectors,  Development Partners and other actors for your participation in this launch today.  Through our collaboration, we believe that Cambodia can increase its capacity to overcome the pandemic and other development challenges.

Excellencies, Distinguished Panelists and colleagues, I would like to close this launch of the Policy Brief on the 2021 COVID-19 Economic and Social Impact Assessment in Cambodia by wishing everyone good health and wellbeing during these challenging times.

Thank you. Aukon Charan.