Cambodia’s long-term growth realistic, achievable, says MEF

Cambodia’s long-term growth realistic, achievable, says MEF

Cambodia’s public finance system is progressing in the right direction, said Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance (MEF), terming it as realistic, achievable, and aligned with international standards to ensure efficiency, effectiveness, transparency, and accountability in the Cambodian context.

Speaking at the opening session of the ‘2024 Annual Review of the Public Financial Management Reform Program, Stage 4,’ on Thursday, Pornmoniroth, who is also the Chairman of the Public Financial Management Reform Steering Committee (GSC), said, “The public financial management reform program is vital not only to adapt to the ever-changing global landscape but also to safeguard Cambodia’s macroeconomic stability and resilience, ensuring the country meets its long-term ambitions.”

The event brought together approximately 500 attendees, including senior officials from the Ministry of Economy and Finance, civil servants from various ministries and institutions, development partner representatives, governors from the capital and provincial governments, and members of non-governmental organizations.

Pornmoniroth emphasized that under the dynamic and visionary leadership of Prime Minister Hun Manet, the Royal Government of the 7th Legislature of the National Assembly remains committed to public financial management reform. Looking ahead, cultivating a procurement-driven culture over the next 25 years will be essential to realizing ‘Cambodia Vision 2050’ he said.

“The public financial management reform program is vital not only to adapt to the ever-changing global landscape but also to safeguard Cambodia’s macroeconomic stability and resilience, ensuring the country meets its long-term ambitions,” he said.

During the ceremony, representatives of development partners congratulated the Royal Government on its progress and pledged continued support. They reaffirmed their commitment to collaborating with the Cambodian government to achieve the program’s ultimate goal: efficient and effective public service delivery for citizens.

The Deputy Prime Minister also highlighted key achievements, stressing that Cambodia’s public finance system is well-structured, adaptable, and resilient to changing socio-economic conditions both regionally and globally.

As Cambodia prepares to implement the Procurement Information Budget System next year, Pornmoniroth outlined 11 key reform priorities, including revenue mobilization, financial system automation, sub-national budget reforms, public investment management, procurement system improvements, corporate governance, reform coherence, transparency, green finance integration, and addressing slow progress in priority tasks.

With these efforts, the Royal Government remains committed to enhancing fiscal discipline, improving public sector efficiency, and ensuring sustainable economic development for Cambodia’s future.

On March 14, the MEF organized the closing ceremony of the ‘2024 Annual Review of the Public Financial Management Reform Program, Stage 4’, also under the distinguished chairmanship of the Deputy Prime Minister.

The ceremony was attended by the Minister of Tourism, senior leaders of MEF, senior officials from various ministries and institutions, development partner representatives, governors from the capital and provincial governments, and non-governmental organization representatives, totaling approximately 400 participants.

The Deputy Prime Minister emphasized that the progress achieved over the past two decades, from Phase 1 to Phase 4, is a significant milestone in Cambodia’s national development. These achievements are the result of the collective efforts of the Royal Government, relevant ministries, and institutions at both national and sub-national levels, as well as the participation and support of development partners through technical and financial assistance.

He further stated that building upon a solid foundation of peace, stability, and past achievements, the Royal Government of the 7th Legislature continues to advance public financial management reforms. These efforts contribute to Cambodia’s long-term goal of realizing Vision 2050.

Cambodia will continue implementing reforms based on four fundamental principles: clear vision, strong determination, genuine participation, and commitment and sacrifice, he said.

“This important guidance serves as a reminder that reform is not an option but a necessity. Cambodia must strive for continuous improvement—reforming better, more effectively, and more successfully—for the benefit of the nation,” Pornmoniroth said.

He outlined key measures for public financial management reform in 2025 and the medium term. These reforms aim to strengthen Cambodia’s public financial system, aligning it with international standards and best practices while remaining responsive to the country’s unique economic and social context. A robust financial system will ensure sufficient flexibility to implement the Royal Government’s policy agenda and effectively respond to present and future challenges.

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