Cabinet Meeting Approves Two Draft Laws

AKP Phnom Penh, September 04, 2020 —

Two important draft laws were approved by the cabinet ministers this morning, according to H.E. Phay Siphan, Minister Attached to the Prime Minister and Chairman of the Royal Government Spokesperson Unit.

The approval was made during the weekly plenary cabinet meeting chaired by Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia.

The first document is the draft law on government bonds, while the second is the draft law on the organisation and functioning of non-bank financial services authority, he said on his Facebook page.

The draft of law on government bonds is a key financial tool for the Royal Government to mobilise both domestic and foreign financing from the private sector for economic and social development. It is also to provide a common framework for the management of the issuance, trading and management of securities in a transparent, accountable, efficient and effective manner, as well as to ensure the sustainability of public debt management.

For its part, the draft of law on the organisation and functioning of non-bank financial services authority is aimed at integrating the mechanisms of management and control over the non-bank financial sector, including insurance and private pension, bond sector, social security, trustee industry, accounting and audit, and so on.

(Photo: Kok Ky)

By Heng Panha