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MoU signed: Banks set to handle more public funds

MoU signed: Banks set to handle more public funds

TWO of Cambodia’s largest commercial financial institutions will bank government revenues and expenditures in 11 provinces under a deal with the Ministry of Economy and Finance.

The agreement made late last week with ACLEDA and Canadia banks is part of the second phase of a plan to build a more accountable public financial-management system.

Under a plan, first launched in 2004, Cambodia aims to reach an international standard for government revenue management without the need for continuous external advice by 2015.

Finance Ministry Secretary of State Aun Porn Moniroth told the Post that increasing the involvement of commercial banks in handling government funds would make the process more accountable and effective.

ACLEDA will now expand its services to Kampong Cham, Mondulkkiri, Steung Treng, Preah Vihear, Koh Kong and Odday Meachney provinces, while Canadia is assuming responsibilities in Preah Sihanouk, Battambang, and Siem Reap provinces.

If the newly launched second phase proves successful, a third step would see commercial banks handling government revenues across all of the Kingdom’s provinces and cities.

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