(Phnom Penh): Cambodian Senate President Hun Sen praised the current Royal Government under the leadership of Cambodian Prime Minister Hun Manet for its effective financial management.

He noted that despite increased spending on civil servant salaries, defence, and other essential areas, the National Bank's reserves are now higher than when he stepped down as prime minister more than two years ago.

Samdech Techo spoke on Monday (Jun. 2) during the joint congress of the National Assembly and Senate on social protection, the informal economy, and agriculture.

Samdech Techo also cautioned the government against reckless spending, urging it to maintain a disciplined and frugal approach to budget management.

Samdech Techo Hun Sen underscored, “I would like to commend the new Royal Government. From the day I stepped down to now, the national reserves have increased, despite higher salaries and expenditures. I sincerely appreciate this effort. However, this does not mean we should spend wastefully, our spending must remain prudent and focused on savings.”

Samdech Techo also recalled that before the COVID19 pandemic, he had worked to accumulate national reserves of approximately USD 4 billion. From that fund, USD 400 million was used to purchase power generators from Germany to address electricity shortages, and USD 300 million was allocated for road and infrastructure development in Preah Sihanouk province. Additional funds were also used for similar infrastructure improvements in Siem Reap.

Samdech Techo further revealed that his original goal had been to save USD 5 billion to finance national infrastructure development without relying on foreign assistance. However, the COVID19 pandemic significantly increased public spending and reduced national revenue.
=FRESH NEWS