Logo of Phnom Penh Post newspaper Phnom Penh Post - PM: Gov’t spends $300M per month on infrastructure

PM: Gov’t spends $300M per month on infrastructure

Content image - Phnom Penh Post
The government spends around $300 million per month on infrastructure while earning “$500 million in revenue”, said Prime Minister Hun Sen.

PM: Gov’t spends $300M per month on infrastructure

The government spends around $300 million per month on infrastructure while earning “$500 million in revenue”, said Prime Minister Hun Sen.

Included in the $300 million price tag are “constructions, repairs and salaries”.

Speaking during an inspection on Monday of the Morodok Techo National Stadium’s construction site, located in Phnom Penh’s Chroy Changvar district, Hun Sen said the Kingdom’s economy is expected to grow 7.1 per cent this year.

The prime minister said customs revenue collection this month reached more than $250 million as of the end of last week.

“The head of customs told me that [we] have three more days left [of revenue collection]. At an average of $10 million per day, we will reach $280 million this month. Adding other tax and non-tax revenue, this month we will have $500 million,” he said.

Hun Sen’s financial disclosures come in response to potential sanctions which may be imposed on Cambodia, such as the US’ Cambodia Democracy Act and suspension of the Kingdom’s preferential access to the EU market under the “Everything But Arms” agreement.

‘Transparent information’

According to a National Bank of Cambodia report, as of the first half of this year, the Kingdom had $11.1 billion in foreign exchange reserves that could guarantee 4.9 months’ of import cover.

Affiliated Network for Social Accountability executive director San Chey said it is very important to openly discuss government revenue and spending at both the political and technical levels.

“Revenue and expenditures should be transparent information and a basis for [financial] management and avoiding economic risks. It’s not something to hide,” he said, adding that they are for relevant parties such as civil society and economic experts to discuss.

“If there is a more than $100 million surplus in revenue per month, then Cambodia should think about reducing foreign loans and developing more sectors."

“I believe that reducing foreign borrowing is one of the most beneficial things that can be done for national economic development,” said Chey.

MOST VIEWED

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • Cambodia purchases 4 million Molnupiravir tablets

    Cambodia has arranged for the purchase of four million US-made Molnupiravir pills – enough to treat 100,000 Covid-19 patients – even though the current rate of daily infections in Cambodia remains low. The medicine will be distributed to state hospitals, pharmacies and private clinics, according to the Samdech

  • Rise in planned flights lifts travel hopes

    Six airlines have applied to resume flights in December, while two others have put in for additional flights and routes, according to State Secretariat of Civil Aviation (SSCA) head Mao Havannall on November 29. These account for 43 new weekly domestic and international flights in December, up 16

  • Is Cambodia’s travel sector in for another cheerless holiday season?

    The travel and tourism sector was heaving back to life as borders started to reopen, promising a festive vibe for the holidays and New Year. But Omicron and other Covid-related issues are threatening to close the year on a bleak note ‘Seems [like] Covid-19 won’

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • Cambodia planning new border checkpoint at Thma Da

    Cambodia is looking into the possibility of opening a new Thma Da Border Checkpoint with Thailand to boost trade and tourism. The Ministry of Public Works and Transport said on December 4 that Minister of Public Works and Transport Sun Chanthol led a technical working group