PHNOM PENH: Cambodia’s National Assembly met today to approve the draft budget for 2024, paving the way for the government to spend nearly $10 billion next year on a range of public services.
The Finance Law for 2024 aims to further strengthen peace, political stability, security and public order by ensuring macroeconomic and public financial stability. It also promotes the development of health systems, social protection systems salary increases for civil servants and the armed forces. It will also provide allowances to regional administrative staff based on merit to improve living standards and strengthen the institutional capacity and quality of public services.
The National Assembly went through each aspect of the proposed budget and raised questions and inquiries to a government representative, who defended the draft budget in accordance with procedures. Ultimately, the budget was unanimously approved by the National Assembly.
The draft law was proposed and approved by the Council of Ministers on October 27 before arriving at the National Assembly. In 2024, Cambodia plans to spend about 37 trillion Riels, equivalent to more than $9.2 billion USD.