PHNOM PENH, Oct. 22 (Xinhua) -- The Cambodian government on Friday approved the draft budget of about 8.5 billion U.S. dollars for the government spending in 2022, up 8.4 percent compared to that of 2021.
The approval was made during a weekly Cabinet meeting, which was chaired by Prime Minister Samdech Techo Hun Sen, government chief spokesman Phay Siphan wrote on his Facebook page.
According to the draft budget law released by the Ministry of Economy and Finance, the 2022 budget is equal to 27.95 percent of the country's gross domestic product (GDP) and is vital to continue strengthening peace, political stability, security and social order.
To meet the expenditure, the government is expected to earn a total revenue of 6.3 billion U.S. dollars next year, up 19.3 percent from this year, the draft budget law said, adding that the government has also planned to borrow another 1.6 billion SDR, or 2.26 billion U.S. dollars, from friendly countries and development partners in 2022.
"The 2022 budget is crucial to respond to the impacts of COVID-19 pandemic and other challenges in order to boost economic recovery," it said.
The Southeast Asian nation's economy is expected to grow 4.8 percent in 2022 from 2.4 percent in 2021, it added.
The expenditure next year would be mainly focused on general administration, fight against COVID-19, health, education, sports, economy-driven sector, social sector, national defense, security, and public order.
The draft budget law for 2022 will need to be adopted by the National Assembly and finally reviewed by the Senate before being submitted to the king for endorsement. Enditem