Proposed State Spending to Increase 11.4% in 2019
According to the Ministry of Economy and Finance’s draft budget of 2019, the national budget for 2019 will increase by 11.4% compared to 2018 state spending. More will be allocated to development spending, administration, and social welfare.
According to the draft, state revenues is expected to be US$5.2 billion, an equivalent to 19.2% of GDP, increased by 14% compared to 2018, whereas the expenditure is US$6.7 billion, an equivalent to 24.7% of GDP. It is estimated that the current surplus could be maintained at about 2.81% of GDP in 2019 with budget deficit of -5.4% of GDP in line with the fiscal consolidation policy.
The draft added that the deficit will be filled in by 4.8% of the GDP of the external financing; 0.23% of GDP of the supporting fund; and 0.37% of the government deposits, an equivalent to US$100 million, which will also be used to support the establishment of the state-owned SMEs Banks.
At the same time, the meeting reviewed the draft of the State’s General Budget Settlement Law for the administration of 2017 to adjust the actual expenditure. Legislative Agenda of the Legislature on: – Agreement on Avoidance of Taxation and Conflict Embezzlement, tax fraud relating to the income tax between Cambodia, Vietnam and Cambodia, and Indonesia was passed.
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