Vongsey Vissoth, secretary of state for the Ministry of Economy and Finance, recently highlighted key strategies for Cambodia’s economic advancement, if the incumbent government is re-elected for the next five-year mandate.
A member of the Central Committee of the ruling Cambodian People’s Party (CPP), Vissoth emphasised the five priority policies aiming to boost employment, income and poverty alleviation, thereby benefiting the people.
He was speaking as the party’s representative at the July 17 “Policy on the Economic Sector” event held by the National Election Committee.
“Firstly, we’re focusing on maintaining macroeconomic and financial stability. This includes keeping inflation low, ensuring exchange rate stability, balancing the national budget, and guaranteeing the stability of both banks and non-bank financial institutions,” he explained.
Vissoth went on to describe the second priority as fostering high, resilient and inclusive economic growth to alleviate poverty.
He stressed the development of small and medium-sized enterprises, the informal economy, digital technology and green development.
The efficient and sustainable management of the budget is the third policy area, he explained.
This will be achieved through a public financial reform programme to strengthen national budget revenue management and maximise resource mobilisation.
Turning to the fourth policy, Vissoth said: “We aim to develop the financial sector by increasing the efficiency of transferring national savings to investments in priority sectors.”
This will also include diversifying financial products, enhancing financial inclusivity, developing financial technology, and further developing sovereign bonds and new financing mechanisms for national development.
Vissoth wrapped up with the last economic priority policy, which focuses on the development of the private sector.
“We want to make the private sector the engine of economic growth,” he said.
He further stressed the necessity of fostering a conducive environment for investment and business, integrating with regional and global economies, and enhancing the delivery of public services to the private sector.
Yang Peou, secretary-general of the Royal Academy of Cambodia, noted that election campaigns have become increasingly competitive.
“Each of the 18 political parties has developed its own policies to win voters. The CPP has always kept its promises when elected in the past, so I hope the winning party in the upcoming election will also deliver on its pledges,” he said.