MANILA (Xinhua): The Asian Development Bank (ADB) on Friday said it approved a policy-based loan of US$50 million to support Cambodia's efforts in enhancing governance and public financial management systems, enabling equitable and resilient service delivery.
The first subprogram of the Strengthening Governance for Improved Service Delivery program continues the ADB's assistance to broaden and deepen the implementation of Cambodia's Public Financial Management Reform Program, which is currently in its fourth phase, to improve performance accountability, the Manila-based bank said in a press release.
"This program is a catalyst for transformative change, designed to unlock Cambodia's economic potential through three channels.
These include promoting efficiency in revenue and expenditure management systems and institutions, accelerating growth via resilient public investments, and improving systems for performance management, ultimately improving lives through better public services," said ADB Country Director for Cambodia Jyotsana Varma.
"With reforms expected to generate an estimated over US$2 billion in additional revenues and over US$3 billion in efficiency savings by 2028, the benefits will be felt in communities across Cambodia for years to come," said the country director. - Xinhua
