Logo of Phnom Penh Post newspaper Phnom Penh Post - Public Financial Management Reform Program Phase IV begins

Public Financial Management Reform Program Phase IV begins

Content image - Phnom Penh Post
Prime Minister Hun Sen presides over the launch ceremony of Public Financial Management Reform Program (PFMRP) Phase IV on March 20. SPM

Public Financial Management Reform Program Phase IV begins

Cambodia on March 20 launched the 2023-2027 fourth and final phase of the Public Financial Management Reform Program (PFMRP) centred on improving performance accountability, seen as a key support for progress towards the 2030 and 2050 government visions.

Speaking at the launch ceremony in the capital, Prime Minister Hun Sen remarked that Cambodia has been reshaped by a whole host of political and economic reforms, highlighting two major ones from during his tenure: the peace talks that ended decades of civil war, and the PFMRP.

Over the past two decades, the programme in all its phases – also referred to as “stages” – have helped Cambodia make historic achievements in areas such as socio-economic development, in addition to its central focus of public financial management, he said.

“Socio-economic growth is closely linked to performance in public financial management and of the national budget,” Hun Sen said, revealing that government revenues and spending are planned at 32.936 trillion riel ($8.2 billion) and 41.537 trillion riel, respectively.

The premier said that the PFMRP provided Cambodia with economic leverage, and enabled economic growth to stabilise, paving the way for the Kingdom’s entry into the “lower-middle income” group of countries in 2015, as well as for its potential debut in the “upper-middle income” and “high-income” brackets in 2030 and 2050, respectively.

The programme and its implementation have “strengthened the ownership and role of the Royal Government of Cambodia in controlling the destiny of the nation”, he said, sharing that, 30 years ago, foreign sources accounted for “about two-thirds” of the national budget, whereas now, foreign borrowing makes up fewer than “20 per cent”.

At the ceremony, Minister of Economy and Finance Aun Pornmoniroth remarked that the PFMRP has strengthened good governance and supported the development of a “strong” public financial system.

This, he said, has enabled the government to improve the lives of the people and quality of public services, through: the development of workers’ abilities, skills and knowledge; the construction of necessary physical infrastructure such as communication, irrigation and electricity systems; and building of more schools and hospitals.

“We’ll be even more successful in implementing this fourth phase, and achieve the vision of transforming Cambodia’s public financial management system in line with international standards and criteria of excellence, which will be essential to ensure that the nation is on track to deliver the 2030 and 2050 visions,” he said.

According to the finance ministry, the PFMRP has been implemented in phases thusly: Phase I from late 2004 to 2005 with a focus on “Strengthened Budget Credibility”; the 2009-2015 Phase II on “Improved Financial Credibility”; the 2016-2022 Phase III on “Linking the Budget to Policy”; and the 2023-2027 Phase IV on “Improved Achievement Accountability”.


  • Five-year-old Hanuman dances his way into hearts of Cambodia

    A young talent from a new-established settlement has emerged, captivating the online world with his mesmerising performances of the traditional Cambodian monkey dance. Roeun Kakada is a five-year-old prodigy who has taken the social media sphere by storm with his exceptional dance skills and dedication

  • Fresh Covid warnings as Thai hospital fills

    A senior health official reminds the public to remain vigilant, as neighbouring countries experience an increase in Covid-19 cases, with the latest surge appearing to be a result of the Omicron XBB.1.5 sub-variant. Or Vandine, secretary of state and spokeswoman for the Ministry of Health,

  • Honda shutters Siem Reap football club

    Japanese football legend Keisuke Honda, the owner of Siem Reap football club Soltilo Angkor FC, has been forced to shut the club down, after it failed to attract sponsorship for the upcoming season. Honda, the former manager of the Cambodia men's national football team, said

  • Hun Sen warns of regional tensions

    ASIA is becoming a dangerous geopolitical hotspot, with several countries announcing that they intend to send naval vessels towards Southeast Asia and on to the South China Sea, warned Prime Minister Hun Sen. “Heated geopolitical issues can easily escalate, namely to war. I am not

  • PM declares ASEAN Para Games open

    The 12th ASEAN Para Games officially kicked off on the evening of June 3 at Morodok Techo National Stadium in Phnom Penh, with a spectacular opening ceremony featuring fireworks and performances by some of the Kingdom’s most accomplished talents. Tens of thousands of sports fans

  • Waterway job still pending for Kampot tourism port’s opening

    The search is still on for a contractor to expand and deepen the Kampot International Tourism Port’s waterway and deliver additional enhancements allowing safe access for larger vessels, nearly a year after the main construction work on the 4.25ha site was completed on June 30, 2022.