All PFMRP Stakeholders Review their 5-Year Achievements

Cambodian economists, foreign experts and other stakeholders of the Public Financial Management Reform Programme (PFMRP) gathered here this morning in a meeting to review their annual and five-year achievements under the chairmanship of Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen.

The Premier expressed his full satisfaction with the progress achieved by this reform during the past more than 13 years, particularly those recent achievements made in the last five years.

I used to call the PFMRP 'an action or moving situation'. This has allowed us to press on with our reform efforts, and to test the 'responsiveness' of our Public Financial Management (PFM) system particularly in responding to the newly emerging development needs and growing aspirations of the Cambodia people, after this reform has passed two critical stages in supporting the Royal Government of Cambodia's achievement of newly emerging policy priorities that have become more difficult and sophisticated, Samdech Techo Hun Sen said in his keynote address.

The implementation of PFMRP, launched by the Cambodian Premier on Dec. 5, 2004, was divided into four stages: Budget Credibility, Financial Accountability, Budge-Policy Linkages, and Performance Accountability.

According to the Ministry of Economy and Finance, for Phase I (2005-2008), the main goal is Increasing the Budget Credibility, giving priority to strengthening the collection and management of revenues, strengthening financial management and improving the implementation of the budget. In line with this goal, Cambodia has put forward and promoted a number of measures that will lead the country to solve the debt and debt problems.

Regarding Phase II (2009-2015), the main goal is to improve financial accountability, with emphasis on the design improvements and consolidation of records and accounting and financial reporting to be more accurate and in a timely manner in accordance with international standard, meanwhile, it is needed to strengthen the credibility of the budget to grow further, particularly on strengthening the asset Projected income and expenses to be more accurate. Cambodia has spent over six years preparing the components for building the Fundamentals of the New Budget System, which is the core of the overall public financial management system.

Preparation of Phase III Budget-Policy Linkages (2016-2020) showed that Cambodia's reforms are in an important step to start to change in part by one of the current budget through the budget for implementing the contents new accounting standard layout and a new accounting unit budget and the new budget enforcement procedures, along with an information system Math for Public Financial Management Phase I and start expanding and strengthening financial systems to complete the steps of the ministries and institutions at all levels, both national and sub-national level, starting from 2015 until 2018, in accordance with the concept of the strategic directions of the 2013-2020 budget reforms for the purpose of stepping layered. This is to change the entire budget system from the Input and Outreach Budget System into the Income-Based Budgeting and Decentralisation System by 2020. Making this change is the core task of the third phase of our PFMRP, which identifies key budget linkages.

Then, as planned, from 2020, Cambodia will continue to strengthen and expand the programme system gradually towards the acceleration of accountability of the entire public financial management system in 2025, which is the main objective of the final stage, Phase IV of the PFMRP.

Source: Agency Kampuchea Press