France continues implantation of Budget and Accounting Support Project in Cambodia

Cambodia and France recently signed a Memorandum of Understanding (MoU) on the implementation of the second phase of the Budget and Accounting Support Project.

The signing ceremony took place on December 15 under the chairmanship of the Deputy Prime Minister and Permanent Secretary of the Ministry of Economy and Finance, Vongsey Visoth, and the Ambassador Extraordinary and Plenipotentiary of the French Republic to Cambodia, Jacques Pellet. The MoU was signed between the Ministry of Economy and Finance and the French Agency for Development and the French International Agency for Technical Consultation.

DPM Visoth said that the implementation of the first phase of the technical assistance project was achieved many beneficial results.

According to the DPM, the second phase of the project to support budget and accounting reform will focus on strengthening the implementation of the budget systems, in terms of budgeting, implementation of budget expenditures and monitoring of budget implementation, strengthening of the accounting system, as well as the preparation of legal documents for the system.

The second phase also aims to build an effective, accountable and transparent Cambodian budget system through the exchange of experiences of France’s fiscal reform experience.

DPM Visoth also mentioned that in preparing the strategy of budget reform for 2018-2025, Cambodia visited and studied many countries, especially their budget reform. France was discovered to have a system that is similar to Cambodia which fuelled the cooperation.

In the past, the Ministry of Economy and Finance has established a steering committee to amend the law on the public financial system and related legal standards, which was chaired by the Deputy Prime Minister.

SOURCE: NEWS AGENCIES