Source: AKP
The weekly Cabinet Meeting, held here this morning under the chairmanship of Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen, approved the draft National Budget Law 2018 worth in total US$6,038 million.
According to the press release of the Press and Quick Reaction Unit of the Office of the Council of Ministers issued this evening, the figure shows an increase in the national budget from 13,475,923 million Riel or US$3,348 million in 2013 to 21,151,985 million Riel or US$5,240 million in 2017, and to 24,375,102 million Riel, or US$6,038 million in 2018.
The total spending for 2018 will account for 24.59 percent of the GDP in that year, the same source pointed out.
The requested budget will be used to ensure the smooth organisation of the senate election of 4th legislature and the parliamentary election of 6th legislature as well as to cover the increase in spending for improving public service provision and enhancing welfare of civil servants, armed forces, and factory workers and employees, it underlined.
Under this draft National Budget Law, Cambodia’s GDP per capita is expected to rise to US$1,568 in 2018, up from US$1,435 in 2017 and US$1,042 in 2013, while the inflation rate would be at a low and manageable level of around 3 percent on average, it added.
Foreign exchange reserve would increase from US$3,643 million in 2013 and US$7,539 million in 2017 to US$7,843 million in 2018, said the press release.