The Royal Government has started to embark on reform in all sectors since the end of the 80s especially a comprehensive macroeconomic policy and structural reform program and integration of Cambodia's economy into the region and the world. The Royal Government of Cambodia has continuously achieved remarkable outcomes especially in the area of liberalization and stabilization of its economy. During the early 1990s, average annual growth has been about 6 to 7 percent with a significant drop in inflation rate to below 5 percent per annum. Moreover, numerous measures has set out and implemented to strengthen economic and public financial management while establishing good governance systems, including: (i) macroeconomic policy framework management, (ii) improving the budget system and public procurement, (iii) modernization of the tax system, (iv) improving the public accounting system, (v) developing the audit system and inspection, (vi) privatizing public enterprises, and as well as (vii) strengthening state property management.
The Government sees the public financial
management and improvement program as a central plank
underlying the general administrative reform program.
Achievement of the 2015 vision is underpinned by the
Government’s commitment to establishing the framework
for a professional civil service, in which officials
will be able to maintain PFM standards without depending
on continuous external advice. Public financial
management reform and the transformation of the civil
service will have to become increasingly linked and
mutually supportive in the progress towards the vision
of installing much higher standards of management of and
accountability, transparency, and responsibility for
mobilizing all government resources and effectiveness
and efficiency in their application to the Government’s
National Poverty Reduction Strategy and priority
programs.
The Public Financial Management (PFM) had been launched formally at the Palais du Gouvernement, presided over by Samdech HUN SEN, Prime Minister on 05 December 2004.
