PHNOM PENH, Oct. 27 (Xinhua) -- The Cambodian government on Friday approved some 6.09 billion U.S. dollars for the government's expenditure in 2018, up 15.2 percent compared with that of 2017, according to a finance ministry statement.
The approval was made during a weekly cabinet meeting, which was presided over by Prime Minister Samdech Techo Hun Sen, the statement said.
The budget is equal to 24.59 percent of the country's gross domestic product (GDP), it added.
"The budget for 2018 is crucial to continue to strengthen peace, political stability, security and social order," the statement said. "It's also to ensure the average growth of 7 percent per annum, to generate more jobs for people, and to reduce at least 1 percent of poverty rate per year."
The budget will be focused on the spending in national defense, security and public order, social sector, and the economic field.
Some 613 million dollars will be allocated to general administration expenses in 2018, up 13.7 percent from 2017, the statement said, adding that 1 billion dollars will go to national defense, security and public order, an increase of 16.4 percent.
The social sector will get 1.75 billion dollars in 2018, up 21.9 percent year-on-year, it said, adding that the economy-driven sector will receive 1.41 billion dollars, up 5 percent year-on-year.
According to the statement, to cover the expenditures, the government expects to earn a gross revenue of about 4.64 billion dollars next year, and it will borrow another 1.4 billion dollars from friendly countries and development partners to meet the need of spending in 2018.
The Southeast Asian country's economy is projected to grow by 6.9 percent in 2017, bringing the kingdom's GDP to 24.5 billion dollars, and the GDP per capita is expected to hit 1,568 dollars, said the statement.
Under the country's law, the government spending for the 2018 needs to be adopted by the National Assembly before the year-end.
