PHNOM PENH, March 20 (Xinhua) -- Cambodia on Monday launched the fourth stage of the Public Financial Management Reform Program (2023-2027), aiming at further strengthening the effectiveness of state budget management and public investment.
Speaking at the launching ceremony in Phnom Penh, Prime Minister Samdech Techo Hun Sen said the program was essential to help ensure sustainable socioeconomic development, with transparency and accountability.
He said the program began in the Southeast Asian nation in 2004 and had achieved satisfactory results since then.
"In 2003, a year before this reform program was launched, our nation's total revenue was only 1.82 trillion riel and total expense was 2.99 trillion riel, but 20 years later after the program was carried out, our nation's total revenue in 2023 is estimated at 32.9 trillion riel and total expense is calculated at 41.5 trillion riel," Hun Sen said.
The prime minister said Cambodia had graduated from a low-income to a lower-middle income country in 2015, and is moving forwards to becoming an upper-middle income country by 2030 and a high-income country by 2050.
Meanwhile, Hun Sen touted the kingdom's hard-won peace in more than two decades, saying it was the prerequisite and fundamental condition for macroeconomic stability and social development.
Speaking at the event, Economy and Finance Minister Aun Pornmoniroth said the first stage of the program lasted from 2004 to 2008 focusing on "Budget Credibility", the second stage from 2009 to 2015 on "Financial Accountability", the third stage from 2016 to 2022 on "Budget-Policy Linkages", and the fourth or final stage from 2023 to 2027 on "Performance Accountability". (4,056 riel equal 1 U.S. dollar)