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Cambodia adopts a budget of 9.64 billion dollars for government spending in 2023

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 Cambodia s National Assembly on Tuesday approved a draft budget of 9 64 billion for government spending in 2023 up 13 percent from 8 5 billion in 2022 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 Xinhua
Cambodia adopts a budget of 9.64 billion dollars for government spending in 2023

National Assembl

Cambodia‘s National Assembly on Tuesday approved a draft budget of $9.64 billion for government spending in 2023, up 13 percent from $8.5 billion in 2022.

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Eighty-nine legislators present in the parliamentary session unanimously approved the bill.

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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).

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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. ■

(Xinhua)

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