Chaired by Prime Minister Hun Sen, the Council of Ministers on March 31 approved draft laws on fiscal policy and public procurement.
In a press release, the Council of Ministers said the fiscal law would promote businesses, add to an already favourable investment climate, and strengthen fiscal compliance.
Comprised of 20 chapters and 255 articles, the draft law would also help ensure fair competition and stimulate the Cambodian economy in all sectors, especially support for small and medium enterprises (SMEs).
The law on public procurement aims to ensure reliability, transparency, efficiency, competitiveness and savings. This draft law was drawn up in line with international best practices, and assigned the role of regulator and auditor to the Ministry of Economy and Finance.
“This draft sets out the separate functions and responsibilities of procurement management and enforcement institutions. It also defines the transfer of responsibility for procurement and introduces mechanisms for receiving and addressing procurement complaints, and establishes a sanctioning policy,” said the release.
“The draft consists of 15 chapters and 87 articles,” it added.