Phnom Penh (FN), April 20 – Cambodia’s Prime Minister Hun Sen officially announced the implementation of one of the most important policies of the Royal Government of Cambodia, "Public Financial Management Reform 2018-2025”.

His announcement was made during an annual and 5-year review meeting of Public Financial Management Reform (PFMR) at Sofitel Phnom Penh on Friday.

The premier emphasized that the reform ensures autonomy of Cambodia in line with Cambodian context with the goal of transforming budget into an effective political tool for the Kingdom’s development.

Prime Minister also highly appreciated the reform progress achieved over the last 13 years since 2004, particularly for the last five years, which was known as transitional period in both the local and global contexts.

The premier reiterated his three key strategic goals, including overthrowing Pol Pot Regime, preventing the revival of genocidal regime, and strengthening and expanding culture and peace for country’s development that allowed Cambodia to move from low-income countries to low middle-income countries, and is heading away from status of Least Developed Countries (LDCs).

Prime Minister Hun Sen added that the potential of Cambodia's economy was recognized and considered as a new tiger economy in Asia. PFMR is an indispensable mechanism and tool to achieve the vision of transforming Cambodia into a middle-income country by 2030 and a high-income country by 2050.

At the same time, the premier stressed on the progress of the implementation of the reform by achieving annual economic growth of 7%, inflation of 3%, and exchange rate of 4,000 riel per dollar, annual deficit budget under 5% of GDP, and reducing poverty rate by 1% per annum; achieving fiscal credibility of the national budget; ensuring a steady surplus; an increase of government deposits and regular payroll, able to respond to the higher demands of people, including natural disaster, border issues, rice sector, social protection, and infrastructure; launching IT system for public financial management, and setting clear goals and actions during the reform.

The premier urged every relevant ministry-institution to be accountable in order to achieve the final stage of the reform. To do so, everyone shall continue to adhere to the working ethics, including “Mirroring, Showering, Cleaning, Treating, and Surgery”; uphold accountability and commitment for PFMR; embrace motivations for the reform; strengthen the coordination among Steering Committee on Public Financial Management Reform, the National Committee for Sub-National Democratic Development and the Public Administration Reform Committee, and paying attention to the implementation of the "2018-2025 Public Financial Management Reform".