Another ADB Loan to Cambodia

May Kunmakara / Khmer Times No Comments Share:

The Asian Development Bank (ADB) yesterday loaned Cambodia $30 million to improve public financial management with a focus on public services, in the same week it approved a $45 million loan to boost secondary school access.
 
According to a press release from the ADB, the loan will fund part of the “Strengthening Public Financial Management Program” (SPFMP), which supports the government’s own public financial management reforms.
 
“Capacity at selected line ministries will be enhanced to implement budgeting and expenditure management reforms. Finally, the capacity of the National Audit Authority (NAA) for external audit functions will be improved,” the release said.
 
The ADB report said the SPFMP aims to improve the efficiency, effectiveness, and accountability of public expenditure and revenue management, while policy and regulatory frameworks will be strengthened for expenditure and revenue management led by the Ministry of Economy and Finance.
 
ADB country director in Cambodia, Samiuela Tukuafu, said that the program will improve Cambodia’s public services. By strengthening expenditure and revenue management, and linking budgets more closely with government development policy, he said that poor and vulnerable groups would benefit.
 
“Better public financial management will create additional room in the government’s budget and help allocate budget resources more effectively to promote inclusive growth and reduce poverty,” he said in the release.
 
The release adds that the program will deepen the ADB’s existing support for the Finance Ministry, NAA and the three rural development ministries, as well as expand support to the three additional ministries – the Ministry of Education, Youth and Sport, the Ministry of Labor and Vocational Training, and the Ministry of Public Works and Transport.
 
The $45 million loan approved on Monday will be spent on improving access to quality upper secondary education, and strengthen related human resources to sustain the quality of Cambodia’s economic development and enhance its competitiveness.
 
“Specific measures will include expansion of upper secondary education facilities, including science laboratories and providing information, communications and technology (ICT) learning facilities as well as other equipment,” said the ADB press release.
 
In addition, houses for teachers will be built where needed, including scholarships for science achievement, curriculum upgrades and new grade 12 textbooks and teacher guides, according to ADB.

. .
Share and Like this post

Related Posts

Previous Article

Habeco Plans $405 Mil Listing

Next Article

Thai Tourism as Usual