PHNOM PENH, Nov. 25 (Xinhua) -- The National Assembly of Cambodia on Thursday approved the draft budget of 8.5 billion U.S. dollars for the government spending in 2022, an increase of 8.4 percent compared to that of 2021.
One hundred and four lawmakers, who were present at the parliamentary session, unanimously passed the draft bill, the National Assembly said in a press release.
Speaking during the assembly session, Economy and Finance Minister Aun Pornmoniroth said the budget is equal to 27.95 percent of the kingdom's gross domestic product (GDP).
"The 2022 budget is essential to respond to the impacts of COVID-19, to restore economic growth, and to ensure the success of the commune elections and the success of the ASEAN summits when Cambodia is the host," he said.
Pornmoniroth, who is also a deputy prime minister, said the Southeast Asian nation's economy is projected to grow 4.8 percent in 2022 from 2.4 percent in 2021.
To meet the expenditure next year, 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 Special Drawing Rights (SDR), or 2.26 billion U.S. dollars, from friendly countries and development partners in 2022.
Chheang Vun, chairman of the National Assembly's commission on economy, finance, banking and audit, said the 2022 budget would be focused on general administration, fight against COVID-19, health, education, economy-driven sector, social sector, national defense, security and public order.
The draft budget law for 2022 will need to be finally reviewed by the senate before being submitted to the king for endorsement.