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BREAKING NEWS: Government Plans to Spend Nearly 10 Billion Dollars in 2023

  • Posted Oct 28, 2022 16:51 by Hun Sirivadh
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PHNOM PENH: The Royal Government of Cambodia plans to spend over 39.2 million riel in 2023, which is equivalent to more than US $9.8 billion. This indicates a 13% increase in the national budget compared to 2022, where more than US $5.7 billion was allocated for civil servant salaries and more than US $4 billion was allocated for investment and debt repayment.

According to the summary of the draft law on finance for management in 2023, which was approved on Friday morning, 28 October, by the Council of Ministers, nearly US $10 billion will be spent on four main areas: administration, general defense, security and public order, social affairs and economic activity.

In 2023, the Ministry of Education will still receive the largest amount of the state budget, with a nearly US $1 billion cut. The Ministry of Health will receive a budget of more than US $700 million, followed by the Ministry of Defense with nearly US $700 million, which is similar to what the Ministry of Public Works will receive as well, while the Ministry of Interior will receive more than US $560 million and the Ministry of Social Affairs will receive more than US $367 million.

According to the Ministry of Economy, the budget for 2023 has been decided upon with the highest consideration for the restoration and stimulation of economic growth in Cambodia, to place the country on a firm path of high growth and revitalization from the Covid-19 pandemic. Meanwhile, 2023 will also feature a number of priority policies, which includes raising salaries for civil servants, retirees and persons with disabilities, continuing the provision of cash subsidies for poor and vulnerable families, mitigating inflationary risks, and working towards overall economic recovery.

In addition, the 2023 national budget will also cover the implementation of the labor cash support program, a vocational training intervention program, and the Run Ta Ek development project and budget for the EDC. The national budget will especially focus on ensuring the success of the 2023 General Election, as well as a successful 2023 Southeast Asian (SEA) Games and ASEAN Para Games, which Cambodia will be hosting for the first time.

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