Major Cambodia bank’s unsecured bonds not proof country is ‘bankrupt’: experts

A major Cambodian bank issuing 100 million dollars in unsecured bonds — those not backed by collateral — is not proof the kingdom is bankrupt, finance experts say, refuting false social media posts. Representatives from global lenders International Monetary Fund and the World Bank separately told AFP their most recent assessments indicate Cambodia has low bankruptcy risk.

“Cambodia is bankrupt! It asked Thailand for money worth 3.7 billion baht,” reads a Thai-language Facebook post shared on October 15.

It features a nearly 17-minute video where a narrator discusses a recent announcement by ACLEDA Bank — the second largest commercial bank in Cambodia — that it had obtained approval to issue subordinated unsecured bonds in Thailand worth 3.7 billion baht (100 million dollars).

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