Cabinet Meeting Approves Nearly US$8 Billion National Budget for 2020
AKP Phnom Penh, October 25, 2019 —
Cambodian cabinet ministers approved here this morning the draft national budget law for 2020 worth nearly US$8 billion, according to Minister Attached to the Prime Minister and Chairman of the Royal Government Spokesperson Unit, H.E. Phay Siphan.
The Royal Government planned to spend in total 31,095,855 million Riel or some US$7,584 million in 2020, he pointed out.
This planned budget, which represents about 26.12 percent of GDP, increases by 20.7 percent compared to the figure in 2019, he added.
The approved budget for 2020 is in support of Cambodia’s commitment to achieve its goal of becoming an upper middle-income country by 2030 and a high-income economy by 2050.
H.E. Phay Siphan underlined that around 2.69%, 0.22%, 1.37%, 0.96%, and 3.97% of GDP will be spent on education; labour; health; social affairs; and national defence, security and public order, respectively (up 8.7%, 14.3%, 5.9%, 14.5% and 9.3%, respectively from 2019).
By Khan Sophirom