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Cambodia officially joined the IMF on December 31, 1969. After years of internal and external strife, the Cambodian government is currently focusing its attention to rebuilding and renovating the national economy through grants and loans from multilateral sources like the International Monetary Fund. Cambodia gained independence in 1953, which was the starting point of industrialization. Cambodia faced a downhill between 1975 till 1979, which damaged all the infrastructure and economy, economical and a tragic event — genocide which killed millions of innocent citizens and especially the loss of human resources, which caused the Cambodian economy to drop to the lowest point. The Cambodian economy started lively in 1993, hugely relying on the foreign market to export agricultural produce, especially rice. In March 1994, the International Committee for the Reconstruction of Cambodia (ICORC) developed a comprehensive plan in effort to support Washington Consensus policy prescriptions. These reforms aimed to shift the economy from a socialist state-controlled economy towards a capitalistic market-controlled one. Since then they've had a total of two arrangements addressing fiscal management. Directors approved a loan for SDR 28.0 million in support of Cambodia's 1995-96 macroeconomic and structural reformations. In 1997 domestic political uncertainty following an alleged coup d’état halted IMF disbursements but resumed again in 1998 after the formation of a new government. Since the 1990s there have been no active IMF loans, but Cambodian and IMF relations continue through Technical Assistant strategies and yearly Article IV reports.
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