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US Lends Support to Public Finance System

The US announced Monday it will provide technical assistance to Cambodia in an effort to promote public finance reform and transparency.

The announcement came after a meeting between Finance Minister Keat Chhon, US Ambassador Carol Rodley and Michael Ruffner, an official from the US Treasury Department’s Office of Technical Assistance.

The US Treasury Department will provide technical assistance to the government “to support the country’s public management reform program and efforts to improve fiscal controls and promote greater transparency in financial transactions,” according to a US statement.

“The assistance is designed to help Cambodia strengthen the enforcement of laws and controls as they relate to budgeting and financial accountability, banking and financial services, the insurance and financial industries, and tax administration and collection,” it said.

Assistance programs are expected to begin in coming months, the US said.

Ngy Tayi, an undersecretary of state for the Ministry of Economy and Finance, told VOA Khmer Cambodia’s economic and financial areas are continually being developed.

“We need technical assistance for public financial management, moving toward progress and accountability,” he said.

“Technical assistance is very important for Cambodia to help training for the capacity and knowledge of our staff,” he said. “This is to help share knowledge from a powerful country.”