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Cambodia's cabinet ministers approve budget
Cambodia's cabinet ministers have approved the 2002 budget with cuts to military spending and increased cash for health, education and social affairs.
Minister of economy and finance, Keat Chhon, says the budget would allow the government to spend about 687 million dollars next year, compared to 652 million dollars in 2001.
However, he said military expenditure would be cut from 3.03 percent of gross domestic product in 2001 to 2.72 percent in 2002.
He said the cut would allow for increased spending elsewhere, with education expenditure to rise by 28 percent and health by 20 percent over 2000.
Further funds have been allocated for agriculture, justice will rise by 14 percent and rural development will receive a 45 percent lift.
Keat Chhon said that due to the global economic ressession and heavy floods over two consecutive years, Cambodian GDP in 2001 would be revised down from a projected six percent to 5.4 percent.
He forecast growth would increase by five percent next year.
The government will also increase excise taxes on cigarettes, alcohol, petrol, diesel and vehicles.
24/11/01 0:16:18 | ABC Radio Australia News
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