Logo of Phnom Penh Post newspaper Phnom Penh Post - Finance, World Bank lead reform workshop

Finance, World Bank lead reform workshop

The building of the Ministry of Economy and Finance, which has launched a two-day workshop with the World Bank.
The building of the Ministry of Economy and Finance, which has launched a two-day workshop with the World Bank. Moeun Nhean

Finance, World Bank lead reform workshop

The Ministry of Economy and Finance and the World Bank launched a two-day workshop yesterday focused on the progress of Cambodia’s Public Financial Management Reform Program (PFMRP), an initiative that aims to improve the governance and transparency of the national budget.

The workshop was organised to review Cambodia’s experience since implementing a programme in 2004 aiming to increase efficiency of the public financial sector reforms and to benchmark performance against other countries.

Addressing the opening session, Finance Minister Aun Pornmoniroth said the World Bank programme was in its third stage and was focusing on implementing budget-policy linkages that could transform the current centralised public financial management system into a decentralised one.

“This is a very important benchmarking exercise for Cambodia to draw lessons learnt from this reform work,” he said. “I strongly believe the workshop will produce fruitful outcomes, with new experiences, knowledge, inputs and recommendations for problem-solving from all stakeholders.”

He added that with the help of remarkable growth in tax collection, 90 percent of Cambodia’s various ministries had implemented budgeting reform techniques in line with PFMRP, with the aim to achieve 100 percent by the end of 2018.

Ellen Goldstein, World Bank country director for Cambodia, Myanmar and Laos, said that by 2025 the programme seeks to create a national budget system which will be based primarily on policy-budget linkages and performance accountability.

She added that the efforts thus far have improved the legal framework for public investment management, allowing the World Bank to scale up support for government-financed “pro-growth and pro-poor public investments”.

“The importance of public financial management delivery is like the importance of water to farmers,” she said. “Nevertheless, modernising budget systems alone will not likely be sufficient to ensure good performance . . . It is therefore important to pay more attention to human resources management and institutional building of the private sector.”

MOST VIEWED

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Cambodia at ‘most critical moment’, Hun Sen warns

    Prime Minister Hun Sen said the first community transmission of Covid-19 in Cambodia has led the country to the “most critical moment” that warranted urgent, large-scale operations to contain the pandemic. Hun Sen, who confirmed the first local transmission on November 28, said the source of

  • PM confirms community transmission, calls for unity

    Prime Minister Hun Sen has called on the public to stay calm, unite and follow the Ministry of Health guidelines after the wife of a senior official tested positive for Covid-19 in the Kingdom’s first case of community transmission. The case has drawn criticism

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there