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Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Chinese President Xi Jinping Affirms Cambodia's Role as a Key Partner in China’s Diplomatic Strategy | Xi Jinping Concludes State Visit to Cambodia, Strengthening Bilateral Ties | Chinese President Xi Jinping Concludes Successful State Visit to Cambodia | Chinese Ambassador: US-China Trade Tensions Harm Developing Nations; President Xi Urges Investment in Cambodia and Expanded Market Access | Japanese Maritime Self-Defense Force Ships Bungo and Etazima Dock at Ream Sea Base for Four-Day Visit | Prime Minister Hun Manet Expresses Displeasure Over Criticism of Chinese Investments During Kampot International Tourist Port Inauguration | Asian Development Bank Collaborates with Cambodia on New Development Projects Worth Over $1 Billion |

National Budget for 2023 Takes Effect as Government Plans to Raise More Than $ 8 Billion

  • Posted Dec 16, 2022 10:24 by Anthony Ellis
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Phnom Penh: The King of Cambodia implements the Law on finance for administration 2023 which is the National Budget Law on December 10, 2022.

The National Assembly on November 29, 2022 at the 8th session of the National Assembly, 6th legislature, approved the 42-page budget of 2023, with 5 chapters and 14 articles, was finalized by the Senate. The National Assembly Completed on December 8, 2022 at the 5th Plenary Session of the 4th legislature.

National Budget Law, under the 2023, the government plans to spend about $ 9 billion and raise more than $ 8 billion.

The Ministry of Economy states that the 2023 budget is also taken into account to ensure the success of the 7th National Assembly election process and to host the 2023 Southeast Asian Games and the ASEAN Para Games.

According to the summary of the draft law on finance for 2023 management of the Ministry of Economy and Finance, the revenue and expenditure plan in the 2023 national budget law creates a total budget deficit of -7.54% of GDP. . This deficit is balanced by: 1- Foreign financing in the amount of 4.70% of GDP, 2- Budget support fund in the amount of 0.98% of GDP, 3- Government deposits in the amount of 1. 1.86% of GDP equal to 2439 Billion riel or 600 million USD.

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