PHNOM PENH (Xinhua): The Cambodian government has approved the draft budget of 38,829 billion riels (US$9.4 billion) for the government spending in 2024, a decrease from US$9.64 billion dollars in 2023.
The approval was made during a weekly Cabinet meeting on Friday, which was chaired by Prime Minister Hun Manet, said a press release after the meeting.
The budget next year is equal to 27.16 percent of the country's gross domestic product (GDP), showed the news release.
"The 2024 expenditure will still focus mainly on social sector, education, vocational training, and health, among others," it said.
"The budget for 2024 is an effective tool for the royal government to respond to both domestic and international risks and challenges."
The draft budget law for next year will need to be adopted by the National Assembly and finally reviewed by the senate before being submitted to King Norodom Sihamoni for endorsement. - Xinhua
