Cambodian parliament approves 8.23 bln USD for 2020 gov't spending

[geovalin]

PHNOM PENH, Nov. 26 (Xinhua) -- The National Assembly of Cambodia on Tuesday approved the draft budget of 8.23 billion U.S. dollars for the government's expenditure in 2020, a 22.7-percent rise compared to that of 2019.

 

One hundred and eight lawmakers, who were present at the parliamentary session, unanimously passed the draft budget bill.

The National Assembly consists of 125 lawmakers, all from the ruling Cambodian People's Party (CPP) of Prime Minister Samdech Techo Hun Sen.

 

Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth said the government's expenditure next year is equal to 28.01 percent of the country's gross domestic product (GDP).

 

"The 2020 budget law is crucial to continue strengthening peace, political stability, security and social order and to support the kingdom's goals of becoming an upper middle-income country by 2030 and a high-income country by 2050," he said.

 

"It's also vital to ensure the average growth of 7 percent per annum, and to generate more jobs for our people," he added.

Cheam Yeap, chairman of the parliament's commission on economy, finance, banking and audit, said the budget next year gave priorities to the development of human resources, road, water, and electricity.

 

According to the draft bill, some 620 million dollars will be allocated to general administration for 2020, up 2 percent from 2019.

About 1.18 billion dollars will go to national defense, 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 earn gross revenue of about 6.5 billion dollars next year, an increase of 24.3 percent from this year, the draft law said.

 

It added that the government has planned to borrow another 1.92 billion dollars from friendly countries and development partners next year to develop energy, agriculture and irrigation system, and transport infrastructure.

 

The Southeast Asian 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 bill said.

The draft bill needs to be finally reviewed by the Senate before being submitted to King Norodom Sihamoni for endorsement.

 

http://www.xinhuanet.com/english/2019-11/26/c_138584411.htm