IMF Reviews Cambodia’s Economy
While net loss shrank in the third quarter, the education sector player registered a spike in net profit for the nine-month period compared to last year, along with higher revenue as of September 30
Cambodia’s economic growth is predicted to expand by 5.3 percent in 2023 and six percent in 2024, according to the International Monetary Fund (IMF) after concluding a mission in the country.
An IMF team, led by Davide Furceri, Deputy Division Chief of the Development Macroeconomic Division in the IMF Research Department, visited Cambodia from October 18 to 31 to hold discussions for the 2023 Article IV consultation.
During their visit, the team met with the National Bank of Cambodia, senior government officials and other public bodies to carry out the assessment of the country's economic health and to predict future financial problems.
At the end of the visit, Furceri said,
“The Cambodian economy is steadily recovering from the pandemic but faces domestic and external challenges.”
MJQE Records Smaller Net Loss, Wider Revenue in Q3
Mengly J Quach Education Plc (MJQE), which operates schools, language centres and nurseries, saw net loss narrow to $256,927 in its third quarter ended September 30, 2023, compared to a net loss of $654,598 in the corresponding quarter last year.
Quarterly revenue grew 40.7 percent year-on-year (YoY) to $7.6 million from $5.4 million, according to its filing with Cambodia Securities Exchange on Friday.
The group’s operating profit rose nearly four times to 3.6 billion riel (approximately $870,070) in the quarter under review from 911.6 million riel a year ago.
Dissolution of a Company: Explainer
Dissolution is the formal procedure of closing down a company and terminating its existence. There are various steps involved in this comprehensive process to ensure that the affairs of the company are wound up in an orderly manner.
Dissolution is the legal process by which a company ceases to exist as a separate legal entity. In other words, it signifies the end of the company's operations and the closure of its business activities, according to Cambodia’s law on commercial enterprises.
While studying for his Master’s Degree in Entrepreneurship in New Zealand, Sam Sakada fell in love with the sweeping natural scenery that surrounded him, and came back to Cambodia brimming with new ideas.
“The time I spent amidst New Zealand's pristine landscapes profoundly shaped my understanding of how communities can coexist harmoniously with nature while creating economic opportunities through tourism,” Sakada said.
“Returning to Cambodia, I brought with me not just a degree, but a vision imbued with the essence of environmental stewardship.”
From Teacher to Student at Age 57
Hem Sinat never imagined at the age of 57 she would find herself back in the classroom, learning instead of teaching. However, last year she returned to school with the goal of earning her Grade 12 exams.
Despite failing them in 2022, Sinat remains determined to pass this year, and will soon join other Grade 12 students who are sitting their national exams.
“I will try to do my best for the exam. Even if I don't pass, I won’t give up. I will retake it next year. People should stand up and find a way to motivate themselves to continue their goal,” she said.
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