ADB approves US$50mil loan to improve Cambodia's financial management

MANILA (Xinhua): The Asian Development Bank (ADB) on Friday said it has approved a US$50 million policy-based loan to support Cambodia in improving its public financial management (PFM) systems.

The Manila-based regional development bank said it has a long-standing partnership in supporting Cambodia's PFM reforms at the national and subnational levels since 2008.

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

"The reforms under ADB's financing respond to the development constraints identified by the government in Cambodia's expenditure and revenue management processes.

They will enhance the implementation capacity of line ministries and strengthen external audit functions," said ADB Country Director for Cambodia Jyotsana Varma. - Xinhua