Compass Real Estate > Cambodia Real Estate Information > Others > PM expects strengthened national budget to help reduce foreign loans to develop the country

PM expects strengthened national budget to help reduce foreign loans to develop the country

2023-03-22
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Summary:The Prime Minister of Cambodia, said that the continuous collection of domestic revenue has strengthened Cambodia’s budget, which has helped reduce foreign loans to develop the country.

Samdech Techo Hun Sen, Prime Minister of Cambodia, said that the continuous collection of domestic revenue has strengthened Cambodia’s budget, which has helped reduce foreign loans to develop the country, especially in the field of infrastructure.

Speaking at the launch of the fourth phase of the Public Financial Management Reform Program on March 20, the primer minister said that in the past 30 years, domestic revenue accounted for only one-third of the national budget, which meant that about two third of the national budget needed from foreign financial aid resources.

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“The good achievements of the Public Financial Management Reform Program have strengthened the ownership and role of the Royal Government of Cambodia in taking responsibility for the nation’s fate by reducing dependence on foreign borrowing,” he said.

He said the annual foreign borrowing is less than 20 percent of the total national budget.

The good achievements of the Public Financial Management Reform Program have enabled the government to strengthen the efficiency of public institutions and provide better public services to the people through the four priorities in the Rectangular Strategy: people, roads, water and power forward the continuous construction and development of both physical and non-physical infrastructures.

The main infrastructure of roads, bridges, and other infrastructure projects have been built under the national budget and concessional financing from development partners. 


Source: Construction & Property News

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