The Asian Development Bank (ADB) on November 24 said it has approved a 50 million USD policy-based loan to support Cambodia in improving its public financial management (PFM) systems.
The bank said it has a long-standing partnership in supporting Cambodia’s PFM reforms at the national and subnational levels since 2008.
Greater efforts to boost the digitalisation of PFM systems and strengthen internal and external audits were among the reform measures to improve operational efficiency, foster financial accountability, and enhance oversight of public expenditure, the bank said.
ADB Country Director for Cambodia Jyotsana Varma acknowledged that the reforms under ADB’s financing respond to the development constraints identified by the government in Cambodia’s expenditure and revenue management processes. These reforms will enhance the implementation capacity of line ministries and strengthen external audit functions./.
Source: Vietnam News Agency