Cambodian government passes draft budget for 2017

Cambodian Prime Minister Samdech Hun Sen. (Source: reuters)

Hanoi (VNA) – The Cambodian government on October 21 passed drafts on finance for 2017 at a plenary session held at the Peace Palace in Phnom Penh under the chair of Prime Minister Samdech Hun Sen.

The session discussed and approved the draft law on financial management 2017, the draft State budget balance 2015 and the draft Strategy for the Development of the Financial Sector for the 2016-2025 period.

According to the press release of the Office of the Council of Ministers, in 2017, the Cambodian government plans to allocate 20.18 billion Riel (5.1 billion USD) for national budget, accounting for 22.67 percent of the gross domestic product and up 15.6 percent against 2016.

The report also states clearly that the frequent spending of the national budget is about 13.05 billion Riel (3.26 billion USD), for salary, security-defence, social order and safety, and socio-economic development.

The drafts aim to ensure the average growth level of 7 percent in order to create jobs, reduce poverty and improve the capacity of State management agencies.

They will be submitted to the National Assembly for approval.-VNA