The Asian Development Bank (ADB) on October 20 decided to provide a 30 million USD loan to support effective and efficient public service delivery and inclusive growth in Cambodia, said an ADB’s press release, Vietnamnews reported in Phnom Penh.
|The program will increase the availability and efficiency of public services in Cambodia, including services for poor and vulnerable groups (Photo: adb.org)|
The loan will fund sub-programme 1 of the Strengthening Public Financial Management Programme (SPFMP), which supports the implementation of stage 3 of the four-stage Cambodian Government’s Public Financial Management Reform Programme, it added.
The programme will increase the availability and efficiency of public services in Cambodia, including services for poor and vulnerable groups, by strengthening public expenditure and revenue management and linking budgets more closely with government development policy, said ADB Country Director in Cambodia Samiuela Tukuafu.
“Better public financial management will create additional room in the government’s budget and help allocate budget resources more efficiently to promote inclusive growth and reduce poverty,” he said.
The programme will help improve the efficiency, effectiveness and accountability of public expenditure and revenue management in three ways. Policy and regulatory frameworks will be strengthened for expenditure and revenue management led by the Ministry of Economy and Finance. Capacity at selected line ministries will be enhanced to implement budgeting and expenditure management reforms. Finally, the capacity of the National Audit Authority for external audit functions will be improved.
ADB plans to fund 880 million USD for Cambodia’s socio-economic development projects in 2016-2018.