Phnom Penh (FN), Oct. 27 – The draft law on the payment of the general state budget for management in 2022 was successfully approved by the Royal Government during the weekly cabinet meeting, chaired by Cambodian prime minister Hun Manet on Friday (Oct. 27) at the Peace Palace.

According to the outcomes of the meeting, the draft law consisted of three Chapters and 22 Articles.

The 2022 budget management was designed and implemented with a focus on resource allocation in the fight against COVID19 and building capacity in the new normal, as well as the sustainability of government operations without obstacles, especially rehabilitation of citizens' livelihood and the recovery of Cambodia's socio-economic development. In addition, the achievement of the Rectangular Strategy Phase IV and Rectangular Strategic Policy and the National Strategic Development Plan (NSDP) 2019-2023.

In 2022, the Cambodian economy’s recovery rate was at 5.2 per cent despites the effects of the Russia-Ukraine war. The recovery was reflected in the improvement of the national export sector, especially the sub-sector of the garment and non-garment.

Gross Domestic Product (GDP) per capita increased from USD 1,659 in 2021 to approximately USD 1,788 in 2022.

According to the draft law, in 2022, the national revenue at the national and sub-national levels was equivalent to 30.80 per cent of GDP, which is 6.2 per cent exceeding the budget plan. As for the expenditures in 2022, the national expenditure at the national and sub-national levels was equivalent to 26.76 per cent of GDP, which is 8.8 per cent lower than the budget plan.
=FRESH NEWS