Cambodia Showing Signs of ‘Oil Curse’

Cambodia Showing Signs of  ‘Oil Curse’

Up to $1.7 billion a year in oil money is set to flow into impoverished Cambodia, where 35 percent of the population lives under $1 a day and where this year’s national budget is only $1.8 billion. Yet in a country ranking a dismal 166 out of 180 on Transparency International’s annual corruption rankings, allegations of nepotism and cronyism are already surfacing around the country’s nascent oil sector, set to start production in 2012. Critics, like London-based watchdog Global Witness, claim the makings of a “resource curse” are in place, wherein a political elite will siphon profits that should be […]

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