Source: Xinhua| 2017-10-27 15:34:42|Editor: Zhou Xin
PHNOM PENH, Oct. 27 (Xinhua) -- The Cambodian government on Friday approved some 6.09 billion U.S. dollars for the government's expenditure in 2018, up 15.2 percent compared with that of 2017, according to a finance ministry statement.
The approval was made during a weekly cabinet meeting, which was presided over by Prime Minister Samdech Techo Hun Sen, the statement said.
The budget is equal to 24.59 percent of the country's gross domestic product (GDP), it added.
"The budget for 2018 is crucial to continue to strengthen peace, political stability, security and social order," the statement said. "It's also to ensure the average growth of 7 percent per annum, to generate more jobs for people, and to reduce at least 1 percent of poverty rate per year."
The budget will be focused on the spending in national defense, security and public order, social sector, and the economic field.
Some 613 million dollars will be allocated to general administration expenses in 2018, up 13.7 percent from 2017, the statement said, adding that 1 billion dollars will go to national defense, security and public order, an increase of 16.4 percent.
The social sector will get 1.75 billion dollars in 2018, up 21.9 percent year-on-year, it said, adding that the economy-driven sector will receive 1.41 billion dollars, up 5 percent year-on-year.
According to the statement, to cover the expenditures, the government expects to earn a gross revenue of about 4.64 billion dollars next year, and it will borrow another 1.4 billion dollars from friendly countries and development partners to meet the need of spending in 2018.
The Southeast Asian country's economy is projected to grow by 6.9 percent in 2017, bringing the kingdom's GDP to 24.5 billion dollars, and the GDP per capita is expected to hit 1,568 dollars, said the statement.
Under the country's law, the government spending for the 2018 needs to be adopted by the National Assembly before the year-end.
1 comment:
Who say the government of Cambodia can't regulate its own currency and that it must borrow from foreign bank? (Central Bank) Why should there be a monopoly on currency. Why should it be legal that there is a entity that create currency to monopoly the world with money supply and putting nations into debt while the owner of that corporation get fat from usury? Debt is a destroyer of nation. America is BROKE due to debt imposed on the Americans by the Central Banking Systems that is not part of the US government.
But if the taking of debt is not overblown when the Bubble Bursts the creditor cannot take your children as slaves. You know in the economy of the Bible, every 7 seven years all debts are erased. This was the instruction for the people of God but did they obey to keep this? NO. And every 50 years (Jubilee) all lands that was sold would revert back to its rightful original owners.
Has the Cambodian government able to make payments on what they already borrowed from Central Banking? If you want to know what could happen to Cambodia agreeing with the Central Banking Systems to borrow and build Cambodia; look at what happened to Iceland from boom to bust left people with debt that cannot be paid. From all indicators the economic picture is gloom. If the US goes Cambodia will go too leaving those debt to be collected or be control by foreign entity that care not for your grieve. The Central Bank love spreading their debt base economy to poor countries. It must be nice to create money out of thin air. True, they create money out of thin air and charge the people interest. Bunch of crooks if you ask me. Money is a control instrument. Now the Banking System crying foul play on crypto currency like Bitcoin, because its out of their control and is competing against their monopoly. They hired big mouth people to downplay Bitcoin as "Scam". Well, the truth is, the Central Banking is the Biggest Scam of all scams. If money is based on true value like gold and silver, it is harder to create fake gold and silver and the rich can't get richer.
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