Countries in the world are experiencing steep hikes in the prices of commodities caused by inflation, especially gasoline, food and daily household products. This is a big issue that impacts livelihoods of people especially low income families and vulnerable groups because lower-income households tend to spend a large share of their budgets on food and other basic needs, they are significantly affected by higher and more volatile food prices. It will worsen if and when this develops into a regional or global economic recession.
Cambodia is no exception, we witnessed the increase of gasoline and some daily household items price caused by shortage of supplies due to the on-going Russian-Ukraine conflict and global trade supply chain challenges. As of today, we are fortunate that under the leadership of the royal government of Cambodia, Cambodia has been able to manage the impacts of these global issues on the vulnerable population.
Recently the gasoline price has gone down 15% coupled with effective social protection programs implemented by various ministries and agencies of the government, an effective and efficient social protection Cambodia system in which National Social Assistance Fund is part of it, have been able to provide a strong level of protection and support to low income families and vulnerable groups to avoid food shortage and other inflation impacts on people’s livelihoods.
We hope that the world and Cambodia will avoid a potential economic recession. We must continue to strengthen the resiliency of the Cambodian economy and her people through our collective efforts and solidarity between the government, the people of our nation, private sector as well as development partners and CSOs.
H.E Samheng Boros is Minister attached to the Prime Minister , Royal Government of Cambodia and Chairman of National Social Assistance Fund Board (NSAF) and Secretary of State at the Ministry of Social Affairs, Veterans and Youth Rehabilitation (MoSVY).