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ADB approves 50 mln USD loan to improve Cambodia's financial management

The Asian Development Bank (ADB) on November 24 said it has approved a 50 million USD policy-based loan to support Cambodia in improving its public financial management (PFM) systems.
ADB approves 50 mln USD loan to improve Cambodia's financial management ảnh 1

Cambodia Deputy Prime Minister Aun Pornmobiroth (fourth from the left), who is also the Chair of the Public Financial Management (PFM) Reform Steering Committee and ADB Country Director of Cambodia Jyotsana Varma (fifth from the right) presses a symbolic button to officially launch the rollout of the Financial Management Information System. (Photo: adb.org)

Hanoi (VNA) - The Asian Development Bank (ADB) on November 24 said it hasapproved a 50 million USD policy-based loan to support Cambodia in improvingits public financial management (PFM) systems.

The bank said it has a long-standingpartnership in supporting Cambodia's PFM reforms at the national and subnationallevels since 2008.

Greater efforts to boost the digitalisationof PFM systems and strengthen internal and external audits were among thereform measures to improve operational efficiency, foster financialaccountability, and enhance oversight of public expenditure, the bank said.

ADB CountryDirector for Cambodia Jyotsana Varma acknowledged that the reforms under ADB'sfinancing respond to the development constraints identified by the governmentin Cambodia's expenditure and revenue management processes. These reforms willenhance the implementation capacity of line ministries and strengthen externalaudit functions./.

VNA
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