The Cambodian government this morning endorsed the draft budget law for 2023, stating the country’s planned expenditure at US$9.64 billion, up 13 percent compared to that of 2022.

The approval was made in the plenary weekly cabinet meeting held here at the Peace Palace under the chairmanship of Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen.

According to the draft budget law released by the Ministry of Economy and Finance, the planned spending in 2023 would account for 29.87 percent of the country’s gross domestic product (GDP). 

To meet the expenditure, the government is expected to earn a total revenue of US$7.21 billion next year, up 14.5 percent from this year.

The government has also planned to borrow another 1.7 billion SDR (Special Drawing Right), or almost US$2.2 billion, from friendly countries and development partners and the rest is from government bond issuance.

Under the country’s law, the draft budget law for 2023 needs to be adopted by the National Assembly before the year-end.

Source: Agency Kampuchea Press