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Government lays out three-year plan for $5.4B public investment

Government lays out three-year plan for $5.4B public investment

Cambodia will need to spend about $5.4 billion on public investment over the next three years to maintain its economic growth while reducing poverty, according to a draft outline of the government’s three-year programme for public investment.

The government has budgeted $1.91 billion for public investment in 2018, $1.78 billion in 2019 and $1.71 billion in 2020, the document signed by the Council of Ministers and posted on the prime minister’s Facebook page on Friday said.

Phay Siphan, spokesman of the Council of Ministers, said yesterday that the programme was part of the government’s five-year national strategic development plan and will be used to ensure that only projects outlined in the draft document are considered for funding during formulation of the national budget.

“In November this year, the government will prepare the national budget for 2018 to submit to the National Assembly for approval, so the result of this public investment planning will be used as a basis for preparing the national budget in 2018,” he explained.

Siphan added that the programme, which covers public investment over a three-year period through 2020, was specifically designed to maintain Cambodia’s seven percent annual economic growth rate while reducing poverty by 1 to 2 percent annually.

The programme recognises 586 development projects, of which 166 are already under implementation and require an additional $2.53 billion to complete. Another 420 projects are to be carried out at a cost of $2.88 billion.

The projects are spread across various the economic, social affairs and service sectors, and with about a quarter of the budget going to infrastructure.

Development partners are expected to contribute $2.91 billion towards the $5.4 billion programme, with the Cambodian government pitching in $537 million. An additional $1.96 billion will be needed, according to the draft document.

Siphan said the remaining funds would likely come from government revenue, loans or grants.

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