PHNOM PENH: The fourth phase of the Public Financial Management Reform Program was launched under the chairmanship of Prime Minister Hun Sen on Monday morning, 20 March 2023.

The Minister of Economy and Finance, DPM Aun Porn Moniroth, stated that the fourth phase of the public financial management reform program is focused on achieving new results through a decentralized system. He said that the achievements made over the past 20 years have clearly shown that the Royal Government of Cambodia is moving towards a defined vision of good governance, building a strong financial system that will help to improve the lives of the public through the development of human resources and the construction of needed physical infrastructure.

"The historic achievements of reform and development could only be achieved through the concerted effort and relentless determination of leaders and relevant civil servants at all levels of all ministries and national institutions in the current era of peace," he said.

The Ambassador of the EU to Cambodia, Carmen Moreno, stated that many achievements have been made over the past 20 years and three prior phases of the financial management reform program. She added that the current financial situation in Cambodia is good, contributing to the country’s goal of economic and social transformation to reach high-middle-income country status by 2030 and high-income status by 2050.

Prime Minister Hun Sen also noted that the reforms of the past 20 years have allowed Cambodia to make many national historical achievements, both in terms of improved governance and in terms of Cambodia's social and economic progress.

He added that past achievements have also contributed to the reduction of poverty and the improved quality of the financial management system has enabled the Royal Government to save enough money to address wider issues.

The Prime Minister stated that the Royal Government started the first phase of reforms by introducing a new strategy to manage public finances, even during a period of great difficulty for the country, as Cambodia did not want to continue relying on foreign aid.

Cambodia first began implementing the Public Financial Management Reform Program in 2004, which has gone through three phases over 20 years. The first phase ran from 2004 to 2008, the second phase from 2009 to 2015, and the third phase from 2016 to 2022. The fourth phase will now be implemented from 2023 to 2027.