Brief introduction to the Ministry of Economy and Finance
According to the Anukret № 04/ANK/BK dated on
20th January 2000 of the Royal Government of Cambodia,
Ministry of Economy and Finance (MEF) is delegated by
the Royal Government to perform the mission of guidance
and administration of the economy and finance of the
Kingdom of Cambodia in order to support economic
development and to improve the living standards of
Cambodian people based on the principles of a free
market economy and social equality.
The Ministry of Economy and Finance has
the following functions and duties:
- To participate in the organization, implementation, and monitoring of the performance of economic and financial policies of the Royal Government;
- To administer and coordinate the structural reform of the economic and financial
institutions;
- To promote good governance as to the administrative aspect of economy and public finance;
- To allocate and re-allocate national revenues through the collection of income and programming and budgeting of public expenses;
- To establish financial system;
- To establish a national, uniform financial system and ensure a proper application of the law on the financial system and finance law, as well as
other relevant laws and regulations;
- To prepare draft laws and regulations, either of annual or permanent nature, for macro-economic and financial management;
- To prepare and administer the national budget;
- To prepare and implement the policy of the national revenue budget;
- To collect tax revenues and non-tax revenues and deposit them in the public accounts; to prepare balance sheets and statements of accounts for state financial operations;
- To control and endorse the expenses made by the ministry and other public institutions;
- To administer the public properties;
- To analyze, monitor and predict economic situations in the short, medium and long-term and to formulate measures for regulating and improving the economic administration;
- To participate in developing, administering and controlling industrial and financial activities, including insurance, market, bonds, lotto games, lotteries, casinos, retirement funds and other financial reserves;
- To cooperate with other relevant
ministries/institutions for management purposes and participate in the organization and implementation of
the Royal Government's strategic policy in terms of
international economic and financial cooperation and
integration of Cambodia economy into the world economy,
in particular the economic integration into ASEAN;
- To participate in lobbying for aid and the preparation of plans for borrowing and payment of foreign loans and follow up and monitor the performance of such plans;
- To manage and control public procurement transactions of the ministries/institutions, provinces/municipalities, and state-managed or autonomous institutions;
- To participate in the formulation of policy and management of investments;
- To undertake inspection tasks on public finance; and
- To conduct regular training for improvement of economic and financial skills and management of public property for ministerial officials and relevant institutions.
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