Tuesday, 22 November 2011
Posted by Serath
PHNOM PENH, Nov 22 - The World Bank said Tuesday that the Cambodian government's budget deficit was forecast to fall to 6.1 percent of gross domestic product (GDP) this year, down from an estimated 7.0 percent in 2010 and 8.1 percent in 2009.
"Fiscal management has improved, reflected in the preliminary fiscal out-turn of 2010," the bank said in its half-yearly East Asia and Pacific Economic Update.
The report noted that revenue collection had increased markedly from 11.5 percent of GDP in 2009 to 13.1 percent in 2010.
"Tax revenues increased, reflecting the authorities’ continued efforts to strengthen revenue administration, to enhance public financial management reform, to use the banking system for tax collections, and to expand the customs automation system," it said, adding that overall expenditures were contained at 20.1 percent of GDP.
The report noted that a circular issued by Prime Minister Hun Sen in June aimed to "improve fiscal space" by strengthening capacity and governance of revenue administration agencies, broadening tax-base policy, collecting tax in arrears and limiting non-essential current expenditures.
While the new budget for 2012 plans to increase spending in both the social and economic sectors, the report noted that the fiscal deficit was targeted to remain around 6.0 percent, the same as forecast for this year.
Posted by Serath
PHNOM PENH, Nov 22 - The World Bank said Tuesday that the Cambodian government's budget deficit was forecast to fall to 6.1 percent of gross domestic product (GDP) this year, down from an estimated 7.0 percent in 2010 and 8.1 percent in 2009.
"Fiscal management has improved, reflected in the preliminary fiscal out-turn of 2010," the bank said in its half-yearly East Asia and Pacific Economic Update.
The report noted that revenue collection had increased markedly from 11.5 percent of GDP in 2009 to 13.1 percent in 2010.
"Tax revenues increased, reflecting the authorities’ continued efforts to strengthen revenue administration, to enhance public financial management reform, to use the banking system for tax collections, and to expand the customs automation system," it said, adding that overall expenditures were contained at 20.1 percent of GDP.
The report noted that a circular issued by Prime Minister Hun Sen in June aimed to "improve fiscal space" by strengthening capacity and governance of revenue administration agencies, broadening tax-base policy, collecting tax in arrears and limiting non-essential current expenditures.
While the new budget for 2012 plans to increase spending in both the social and economic sectors, the report noted that the fiscal deficit was targeted to remain around 6.0 percent, the same as forecast for this year.
No comments:
Post a Comment