Aa |   aA
Prime Minister Hun Manet Cites Government Leadership in Maintaining Cambodia's Stability and Growth | Senate President Allocates $4.8 Million from Charity Sports Fund to Hospitals and Soldiers' Families | Over 5,000 Residents Receive Free Medical Care in Kandal Province | King of Brunei Arrives in Cambodia for Breakfast with Cambodia Senate President |

National Assembly Approves Draft Budget for 2023

  • Posted Nov 29, 2022 16:02 by Hun Sirivadh
  • 2950
  Aa |   aA

PHNOM PENH: The National Assembly of Cambodia has approved the draft budget for 2023, allocating more than US $9.8 billion in government spending next year.

A meeting was held on Tuesday morning, 29 November, chaired by the First Vice President of the National Assembly, Cheam Yeap, with 98 members of the National Assembly in attendance, to approve the national budget.

The Royal Government plans to spend over 39.2 million riel in 2023, equivalent to more than US $9.8 billion. This is an increase of 13% compared to the budget allocated for 2022, which included more than US $5.7 billion allocated for the payment of government official salaries, and more than US $4 billion allocated for investment and debt repayment.

According to the summary of the draft law on finance for management of 2023, approved on the morning of 28 October 2022 by the Cabinet, nearly US $10 billion will be spent next year in four major sectors: General Administration, Defense, Security, and Public Order, Social Affairs and the Economy.

In 2023, the Ministry of Education will still receive the largest cut of the state budget, with nearly US $1 billion. Next follows the Ministry of Health, which will receive more than US $700 million, then the Ministry of Defense with nearly US $700 million, which is similar to the budget the Ministry of Public Works will receive as well. Meanwhile, 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 was considered with preparations in mind to continue restoring and stimulating economic growth, in order to put Cambodia firmly on the path of high growth and revitalization, in a post-Covid-19 context. The 2023 budget also has a number of priority policies, including raising salaries for civil servants, retirees and persons with disabilities, continuing to provide cash subsidies for poor and vulnerable families, tackling inflationary risks and promoting economic recovery.

In addition, the 2023 budget will also be allocated to implementing a cash program and intervention program on vocational training, the Run Ta Ek and Paek Sneng development projects, the preparation budget for the EDC, and especially into ensuring the success of the 2023 National Elections and hosting the 2023 Southeast Asian (SEA) Games and ASEAN Para Games.


Related News