Eighty-nine legislators present in the parliamentary session unanimously approved the bill.
Speaking during the assembly session, Cambodia’s finance and economy minister Aun Pornmoniroth said the budget is equivalent to 29.87 percent of the Southeast Asian nation’s gross domestic product (GDP).
He said the proposed budget is to ensure the success of the general elections and the 32nd Southeast Asian Games (SEA Games) in 2023, when Cambodia will host.
Pornmoniroth, who is also deputy prime minister, said the kingdom’s economy is forecast to grow 6.6 percent in 2023 from 5.4 percent in 2022.
To cover the expenses, the government is expected to earn a total revenue of 7.21 billion US dollars next year, up 14.5 percent from this year, according to the budget bill.
He added that the government has also planned to borrow another 1.7 billion SDRs (Special Drawing Rights), nearly $2.2 billion, from friendly countries and development partners, as well as raise more funds from issuing sovereign bonds.
Chheang Vun, chairman of parliament’s economy, finance, banking and audit committee, said next year’s budget will focus on general administration, public health, education, economic sector, social sector, national defense, security and public order, among others. others.
The bill must finally be reviewed by the country’s senate before being submitted to the king for approval. ■