Finance Ministry Defends Ambiguity in 2014 Budget Bill
The Finance Ministry on Wednesday defended itself against recent reports that some 45 percent of the government’s $3.4 billion draft budget for 2014 remains unallocated, issuing a statement explaining that the money will pay for loans, subsidies and other vital expenses. … According to the statement, some of the reportedly unallocated $1.53 billion—approximately $58 million of it—will go toward repaying the interest on the country’s mounting foreign loans. The ministry said the $1.53 billion also includes $82 million for paying down the principal on those loans, $62.5 million for the Ministry of Transportation, $48.1 million for electricity subsidies and $15 million for the country’s diplomatic missions. But the statement is vague on how most of the $1.53 billion will be spent. For example, $865 million is allocated for unspecified “ministries and institutions” and another $37.5 million for unnamed donor-funded projects. The true unallocated figure, the ministry says, is just about $129 million and most of it, $104 million, will go toward more infrastructure projects. The ministry added that “$24.7 million will come from loans for current expenditures for urgent needs and other incidental needs, including humanitarian, natural and social calamities as well as national sovereignty and national security.” The total $3.4 billion draft budget for 2014 includes $489 million for the ministries of defense and interior, a 17 percent increase over the last budget. The draft also calls for taking on an additional $920 million in foreign loans next year. …
Hul Reaksmey
http://www.cambodiadaily.com/news/finance-ministry-defends-ambiguity-in-2014-budget-bill-47530/
