Logo of Phnom Penh Post newspaper Phnom Penh Post - 2021-2023 recovery plan launched

2021-2023 recovery plan launched

Content image - Phnom Penh Post
Finance minister Aun Pornmoniroth (left) and finance ministry undersecretary of state Huot Pum at the virtual launch on Wednesday. FINANCE MINISTRY

2021-2023 recovery plan launched

The government on December 22 launched the “The Strategic Framework and Programmes for Economic Recovery in the Context of Living with Covid-19 in a New Normal 2021-2023”, aimed at spurring resilient socio-economic growth in the medium and long term.

Speaking at the launch, Minister of Economy and Finance Aun Pornmoniroth heralded the document as an important basis and roadmap for the immediate- and medium-term implementation of government strategies and specific actions.

The document aims to restore and bolster Cambodia’s economic growth back to its potential rate, and strengthen resilience for sustainable and inclusive socio-economic development in the long run.

Pornmoniroth said: “In the last two years of Covid-19, we’ve all clearly been able to notice the negative consequences on the socio-economic situation in Cambodia stemming from this crisis.

“In addition to threatening to take the lives of the people, the crisis has exposed some of the fragile points of Cambodia’s economic base that are vulnerable to external factors.”

Supply chain disruptions and a slowdown in orders for Cambodian products catalysed by the introduction of health and administrative measures by countries around the world are a testament that the stability of Cambodia’s economic growth poles is closely related to regional and global economic trends, he explained.

Ministry of Economy and Finance undersecretary of state Huot Pum asserted that the vision for the formal implementation of the document is to strengthen the building of a solid path and injecting strong vitality for socio-economic development, to seize opportunities at home and abroad to strengthen and diversify the national economic base to gain a highly competitive edge, and to improve the wellbeing of Cambodians in the “new normal” of development.

The document is also tailored “to support the implementation of the strategic framework, the rehabilitation and growth policy programmes, set out a detailed action plan for implementation within each of the three pillars [rehabilitation, reform and resilience building] as well as to define responsibilities for ministries and institutions and implementation times”, he said.

Royal Academy of Cambodia economics researcher Ky Sereyvath said the implementation of the document was another new strategy to drive socio-economic growth in a life with Covid-19.

He explained that although Covid-19 continues in the country, the economy can still function with an economic management system in the context of the pandemic. By the same vein, the government will continue providing tax exemptions to tourism and other key sectors for a while, in a bid to revitalise them and propel them to boost national economic growth.

The finance minister went on to say that the government will also focus on work designed to maintain the stability of people’s livelihoods and Covid-hit private businesses, by launching and enhancing the implementation of specific intervention measures, following 10 rounds of economic relief measures.

“To assist poor and vulnerable families in meeting living expenses, the Royal Government will continue to implement cash support programmes … for another nine months until the end of September 2022,” Pornmoniroth said.

He added that the government will continue to provide tax breaks as set out in the previous rounds of relief measures for the first half of 2022, to provide additional support to the Covid-bruised tourism and aviation industries, as well as related businesses, as domestic and international tourism emerges from the pandemic.

The government has also set aside $250 million for direct loans from the state-owned Small and Medium Enterprise Bank of Cambodia Plc (SME Bank) and Rural Development Bank of Cambodia (ARDB) next year, which will have competitive interest rates of five-to-5.5 per cent for key priority sectors like agriculture and ecotourism.

MOST VIEWED

  • Research key to Kanitha’s rep for expertise

    Sok Kanitha is used to weighing in on controversial issues using a confident approach that signals expertise and authority, and a recent video she made was no exception. Her “Episode 342: The History of NATO” video went live on January 16, 2023 and immediately shot to 30,000 likes and 3,500

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Knockout! Kun Khmer replaces ‘Muay’ for Phnom Penh Games

    Cambodia has decided to officially remove the word Muay from the programme of the 32nd Southeast Asian (SEA) Games 2023 in May. “Kun Khmer” will instead be used to represent the Southeast Asian sport of kickboxing, in accordance with the wishes of the Cambodian people. Vath

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • New int’l airport nearly half complete as travel industry returns to life

    Construction of a new airport that is slated to serve the capital has passed the 43 per cent completion mark, raising prospects for a proper recovery in the civil aviation and tourism sectors as international travellers return to the Kingdom in increasingly large numbers. The figure

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,