PHNOM PENH: The National Assembly has unanimously approved the draft law on the public financial system and the draft law on water management on Wednesday, 8 February 2023.

This approval was made during the Extraordinary Session of the 6th Legislature of the National Assembly, chaired by the National Assembly President, Heng Samrin, and 107 National Assembly members.

According to a press release issued by the National Assembly, the draft law on the public financial system is designed to establish the legal framework necessary for the implementation of the performance information budget system (also known as the "performance budget") suitable for Cambodia, in accordance with the Budget System Reform strategy of 2018-2025, which is the core of Cambodia's public financial management reform.

The draft law will also serve as a legal framework that sets out the basic principles for governing public finances and the preparation of financial laws, and also defines the functions and responsibilities of stakeholders, as well as the transfer of internal authority, the responsibilities of ministries and institutions to the Royal Government, and the National Assembly, within the framework of its budget.

The draft law on clean water management, meanwhile, is fundamental for sustaining and responding to the momentum of socio-economic development in Cambodia, which has been growing steadily from year to year, especially since the implementation of the win-win policy and Rectangular Strategy of the Royal Government. Water supply is one of the four priority areas in the Rectangular Strategy, Phase 4 of the 6th Legislature, which includes people, roads, electricity and water.

It should be noted that the draft law on the public financial system has nine chapters and 109 articles, while the draft law on water management has 15 chapters and 65 articles.