Logo of Phnom Penh Post newspaper Phnom Penh Post - Government lays out three-year plan for $5.4B public investment

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.

MOST VIEWED

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’