Ruling Party Marks 65th Founding Anniversary with Positive Projection

Ten thousand supporters of the ruling Cambodian People's Party (CPP) gathered this morning at the CPP's headquarters in Phnom Penh at a meeting to mark the party's 65th founding anniversary (June 28, 1951-2016).

The event was presided over by Samdech Akka Moha Ponhea Chakrei Heng Samrin, Honorary President and Samdech Akka Moha Sena Padei Techo Hun Sen, President of CPP.

Addressing to his supporters, Samdech Techo Hun Sen highlighted the positive economic forecast this year. "In 2016, the country would be able to realise a growth around 7.1 percent. Inflation will stay below 1.9 percent, while trade will improve because of speedy export compared to import," he said.

Foreign exchange reserve has increased to roughly US$5.45 billion, which could sustain imports up to four months and a half and prevent negative impacts from external crisis, added the CPP president, stressing that the GDP per capita would rise from US$1,215 last year to US$1,301 this year.

Simultaneously, he said, the use of local goods has surged thanks to local and foreign direct investments, which create jobs and income for the people.

Samdech Techo Hun Sen also underlined the increased effectiveness in income collection and the strengthening of procedure of expense implementation. During the first five months of 2016, custom duty has realised US$763 million, up 22 percent, while the income from tax reached US$708 million, up 21.68 percent compared to the same period last year, he pointed out.

"Division of state expenses has been more effective through exercise of frugal and responding effectively to issues required attention. National budget expenses has increased for the support of reforms and major work activities to increase public service quality, and investment on strengthening physical infrastructure for connectivity, competitive ability, economic productivity and sustaining growth," said Samdech Techo Prime Minister. "At the same time, we have increased salary and make payment timely through banking system for public officials, armed forces, and retirees."

Source: AKP