Financial Institutions, Civil Society Spar Over Indebtedness Reports

Civil society groups have rejected the demands of two financial institution industry bodies to “correct” their reports on indebtedness linked to bank and microfinance debt, instead reiterating their demand that these institutions change their business practices to benefit Cambodian borrowers.

The Cambodia Microfinance Association and Association of Banks released an open letter Wednesday night asking three civil society groups and a workers union to “revise their false reports” immediately. The letter alleged that the reports were “lacking scientific evidence, transparency” and “misses representative significance.”

“These baseless and incomplete reports provide the opportunity to some badly-intended people to take this opportunity to publish and share in an inciting manner, provoking social chaos and affects the reputation and dignity of financial institutions, which is the backbone of the national economy,” reads the Khmer version of the letter.

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