EU Grants 34 Million Euro for Cambodia’s Public Financial Management Reform

European Union (EU) has provided some 34 million Euro in grant for Cambodia's Public Financial Management (PFM) reform program-stage 3, for the period 2016-2019.

The signing of the grant assistance was held last week between Cambodian Senior Minister and Minister of Economy and Finance H.E. Aun Porn Moniroth, and Ambassador of EU to Cambodia H.E. George Edgar, at the office of the Ministry of Economy and Finance.

The aid will be used with effectiveness, transparency and accountability to attain indicators stated in the agreement between the Royal Government of Cambodia, EU and Swedish International Development Cooperation Agency (SIDA), said H.E. Aun Porn Moniroth.

The financial assistance, the minister pointed out, will be spent on strengthening main activities such as improving the quality of national statistics and information technology for PFM; strengthening budget transfer, budget transparency, the audit effectiveness, and revenue collection as well as increasing transparency of public procurement.

According to the Ministry of Economy and Finance, PFM reform program has so far received some 45 million Euro from development partners, of which around 17.5 million Euro from EU, 6 million Euro from SIDA and 21.6 million Euro from World Bank, Department of International Development (DFID) of the United Kingdom and Australian Agency for International Development (AusAID).

Source: AKP