ACLEDA and Canadia Bank have signed an agreement with the Ministry of Economy and Finance (MEF) to introduce a public financial reform management system in 17 provinces.

It was the third time ACLEDA had signed such an agreement with the MEF, and the second time Canadia had signed it. The first agreement was made in December, 2004 and the second was signed in December, 2008.

Aun Porn Moniroth, secretary of state for MEF, said the agreement would support financial accountability and push forth a highly efficient public financial management. “[This] public financial management reform is a significant step towards building a financial system of government to achieve noticeable growth and trust in the national budget,” he said.

The initiative would help deliver more jobs to the private sector and accelerate Cambodia’s economic development, Canadia Bank chairman of directors Pung Kheav Se said. “Powerful countries with advanced economies tend to offer some works to the private sector in order to reduce the state’s expenses,” he said.