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Government Launches Next Phase of Finance Plan

Economic officials released the government’s plans for a second stage of public finance reform Wednesday, a day ahead of an annual donor meeting.

Cambodia has long struggled with public finance, and its government operations are supported in large part by the hundreds of millions of dollars in aid from other countries and lenders such as the International Monetary Fund and World Bank.

The second stage of the Public Financial Management Reform Program will “enhance financial accountability,” Finance Minister Keat Chhhon said Wednesday.

The goal of the program is to ensure “the efficiency and effectiveness of public financial management through enhancing the responsibilities of public officials at all levels on the use and management of public resources,” he said.

Cambodia is rated one of the world’s most corrupt countries, losing up to $500 million a year in tax revenue to unofficial collection, such as bribes.