CAMBODIA is expected to undergo ''withdrawal pains'' following the completion of the pull-out of United Nations personnel from the country this week. ''Its vacuum will be felt from bankers to beggars,'' said Foo Shih Heng of the Cambodian Public Bank. When the UN Transitional Authority in Cambodia (UNTAC) moved into the country in 1991 to supervise elections of a new government, it poured about US$2.2 billion into the economy. Restaurants and hotels sprang up and expensive consumer items found their way into the country. Rentals of private homes soared and inflation hit 93 per cent in the first half of this year. In recent weeks, several restaurants have closed down with more expected to follow suit in the coming months. Hotels, which enjoyed good business from UN personnel who took up temporary residence in their properties, are recording falling occupancies. A manager of a major hotel said UN personnel accounted for up to 40 per cent of its business and with the departure of its clients about two months ago, occupancy had fallen. ''But fortunately for us, business travellers and tourists picked up in the recent weeks to offset the loss in business from the UN people,'' he said. At the peak of UNTAC's operations, there were 22,000 personnel spread out around the country. ''On a conservative estimate, approximately $500 was spent per person on food and entertainment every month,'' said Mr Foo. ''This meant a total of up to $11 million of hard cash was pumped into the economy every month.'' The banking industry is also expected to be hard hit as most of the commercial banks were set up in response to UNTAC's presence. According to Mr Foo, banks which catered exclusively to the UN personnel could experience a drop in business of up to 90 per cent. The Cambodian Public Bank, one of the top three banks in the country, was expected to see a drop of about 50 per cent in business, said Mr Foo, who is general manager of the bank. ''We have been wooing local businesses to bank with us a year ago to offset the loss of business from the UN,'' he said. The bank has since succeeded in getting one of the country's largest petroleum dealers as a customer. The nation is now pinning its hopes on a speedy inflow of funds from the $1 billion in aid money pledged by donor countries. However, the public is not overly optimistic that the funds will come in as quickly as hoped. The state of security in the country as well as the changes which the new Government proposes to bring about will determine the pace of the inflow of aid money. David Van, manager of Khmer Agencies, a wholly owned subsidiary of Inchcape Pacific, said: ''It is one thing for countries to pledge funds and another for them to give out the funds. ''When foreign countries look at the former government, there is nothing to show as they were not capable managers of the country.'' He said donor countries felt Cambodia could not cope with huge sums of money as it lacked the infrastructure and skills to manage the funds. The country has been at war for more than 20 years and two generations have been denied proper education while many intellectuals were either killed or have moved overseas. ''The only skilled manpower the country can look to are overseas Cambodians who have left and were educated in their country of residence,'' said Mr Van. The UN's chief economic adviser Gerard Fischer said many donor countries were adopting a wait-and-see attitude. ''From discussions with donors, I found that national security is one of the main issues which the donors consider before launching into a big programme of development assistance,'' he said. ''No large sums of money will be forthcoming unless security is taken care of by a strong government,'' he said, adding that this might take some time. While Mr Fischer felt the Khmer Rouge was not a big threat, he said the guerilla group could delay the process of help coming into the country through destabilising the country with its acts of sabotage. ''All these things are registered by the donors and they will not hand over people and equipment and take more risk than necessary as they are responsible to their respective parliaments,'' said Mr Fischer.