National Assembly Approves Draft National Budget Law for 2020
AKP Phnom Penh, November 26, 2019 —
The National Assembly (NA) approved the draft National Budget Law, in its third session of the sixth legislature held here this morning under the chairmanship of its President Samdech Akka Moha Ponhea Chakrei Heng Samrin.
The parliamentary session was attended by 107 lawmakers, according to a press release from the NA’s General Secretariat issued after the session.
Deputy Prime Minister and Minister of Economy and Finance H.E. Aun Pornmoniroth represented the Royal Government to defend the draft law of 7 chapters and 15 articles.
The US$7,584 million draft national budget law was endorsed by the Council of Ministers in late October.
This planned budget, which represents about 26.12 percent of GDP, increases by 20.7 percent compared to the figure in 2019.
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.
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