Cambodia Approves Draft Law of Financial Management for 2002

Home>>World

Last updated at: (Beijing Time) Friday, November 23, 2001

Cambodia Approves Draft Law of Financial Management for 2002

Cambodia's Council of Ministers Friday approved a draft law of financial management for 2002 after a two-day discussion and review at a plenary session of cabinet under the presidency of Prime Minister Hun Sen.

The authorities considered that the law of financial management has fully indicated the implementation of the government's political platform, and it is also a basis for the government's intervention in macroeconomic policy, a press communique of the cabinet meeting said.

The year 2002 is an important year that the Royal government will deepen reform, implement good governance, carry out economic development plan and strategy of poverty alleviation, the communique said. The law for 2002 involves the following targets: GDP (gross domestic product) to increase by 5 percent; exchange rate between U.S. dollar and Cambodian Riel (about 3,950 Riel to one dollar) to remain constant; inflation to remain at 4 percent; export and import to increase by 24 and 36.7 percent respectively.

The communique also said that in the year 2002, the authorities would continue to reduce national defense budget, thus increasing budget allocation for education, health, social well-being, as well as rural development and agriculture.