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.
