AKP Phnom Penh, Public Financial Management Reform Programme (PFMRP) has brought about many historical achievements to Cambodia in the past 20 years, including the improvement of the governance of public financial management as well as socio-economic growth.
The remarks were made by Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen at the launching ceremony of Public Financial Management Reform Programme-Stage 4 (2023-2027) held at Sokha Phnom Penh Hotel this morning.
Socio-economic progress is indeed closely related to the performance of public financial management or the national budget, he said, pointing out that in 2003, before the implementation of PFMRP, the total national revenue was only 1,821 billion Riel while the national expenditure was some 2,994 billion Riel. 20 years later, in 2023, the national income is estimated to jump to 32,936 billion Riel, while the total expenditure would reach around 41,537 billion Riels.
With this excellent performance indicator, Cambodia has seen continued economic growth until it achieved the status of a lower middle-income country in 2015, said the Premier, stressing that the Kingdom is confidently moving towards becoming an upper middle-income economy by 2030 and a high-income nation by 2050.
This excellent performance also provides a higher capacity for the Royal Government to improve the standard of living of the general population, as well as to better the living conditions and quality of civil servants, strengthen the efficiency of public institutions and provide better public services for the people through the four priority areas stated in the Rectangular Strategy: People, Roads, Water and Electricity, which refers to the continuous construction and development of both physical and non-physical infrastructure in all areas.
According to the Ministry of Economy and Finance, the Public Financial Management Reform Programme began in Cambodia in December 2004.
The first stage of the programme 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”.
Source: Agence Kampuchea Presse