Cambodian PM bans rice exports to halt spiralling costs
Chim
Cambodian PM bans rice exports to halt spiralling costs
PHNOM PENH - CAMBODIA'S Prime Minister Hun Sen on Wednesday banned
rice exports in a bid to halt the staple food's spiraling prices,
which have reached highs of nearly one dollar a kilogramme.
The move comes amid the steady climb in the price of most staple
goods, including the doubling of the cost of cooking gas, which has
put increasing strain on large numbers of Cambodians.
'Cambodia will halt the export of rice for two months,' Mr Hun Sen
said.
'It is a temporary measure ... but it is to ensure food security,' he
added.
Rice prices have risen sharply from about 40 cents a kilogramme as
speculation of shortages grip local markets, sparking demands that the
government put a cap on costs.
But Mr Hun Sen said on Tuesday that Cambodia is experiencing a rice
surplus, and blamed the price hike on 'economic sabotage' - people
spreading rumours of dwindling rice supplies in a bid to undermine the
government.
Despite GDP growth averaging 11 per cent over the past three years,
more than a third of the country's 14 million people live on less than
50 cents a day, making even the slightest rise of food costs
devastating to Cambodia's poorest.
Petrol remains at record highs on the back of global oil prices while
inflation cracked the double digits late last year, hovering around 11
per cent and further driving up food costs. -- AFP