PHNOM PENH, Oct 26 (NNN-AKP) – The Cambodian government approved about 8.23 billion U.S. dollars for the government’s expenditure in 2020, an increase of 22.7 percent, compared with that of 2019.
The approval was made during a weekly cabinet meeting, which was presided over by Prime Minister, Samdech Techo Hun Sen, the Royal Government Spokesperson Unit said.
The budget is equal to 28.01 percent of the country’s gross domestic product (GDP), the statement said, adding, the budget is crucial, to continue to strengthen peace, political stability, security and social order.
“It’s vital to ensure the average growth of seven percent per annum, and to generate more jobs, and to further reduce poverty to below 10 percent,” it said.
According to the draft budget law, released by the Ministry of Economy and Finance, some 620 million dollars will be allocated to general administration for 2020, up two percent from 2019.
About 1.18 billion dollars will go to national defence, security, and public order next year, an increase of 8.3 percent from this year.
Social sector will get 1.94 billion dollars, up 8.6 percent, and the economy-driven sector will receive 1.81 billion dollars, up 10.7 percent.
To meet the expenditure, the government is expected to make gross revenue of about 6.5 billion dollars next year, an increase of 24.3 percent from this year.
The government planned to borrow another 1.92 billion dollars from friendly countries and development partners next year, to develop the energy sector, agriculture and irrigation system, and transport infrastructure.
The country’s economy is projected to grow by 6.5 percent in 2020, bringing the kingdom’s GDP to 29.4 billion dollars, and the GDP per capita is expected to hit 1,816 dollars, the draft law said.
Under the country’s law, the draft budget law for 2020 needs to be adopted by the National Assembly before the year-end.– NNN-AKP
