PHNOM PENH, Oct. 28 (Xinhua) -- The Cambodian government on Friday approved a draft budget of about 9.64 billion U.S. dollars for 2023, up 13 percent compared to that in 2022.
The approval was made during a weekly cabinet meeting, which was chaired by Prime Minister Samdech Techo Hun Sen, government spokesperson Phay Siphan wrote on his Facebook page.
According to the draft budget released by the Ministry of Economy and Finance, the 2023 budget is equal to 29.87 percent of the Southeast Asian country's gross domestic product (GDP).
To meet the expenditure, the Cambodian government is expected to earn a total revenue of 7.21 billion U.S. dollars next year, up 14.5 percent from this year, according to the budget bill. The government has also planned to borrow 1.7 billion Special Drawing Right (SDR), or nearly 2.2 billion U.S. dollars, from countries and development partners in 2023.
The Southeast Asian country's economy is expected to grow by 6.6 percent in 2023 from 5.4 percent in 2022, according to the budget bill.
The expenditure next year would mainly focus on general administration, health, education, sports, economy-driven sector, social sector, national defense, security and public order.
The draft budget for 2023 needs to be approved by the National Assembly, the lower house of the parliament of Cambodia. ■