The European Union (EU) and the Ministry of Economy and Finance (MEF) mark good cooperation progress under the EU’s Global Gateway Strategy

Phnom Penh, 19 September 2024:Today, Ambassador of the European Union to the Kingdom of Cambodia: H.E. Igor Driesmans and Deputy Prime Minister, Minister of Economy and Finance (MEF), H.E. Dr. Aun Pornmoniroth held a bilateral courtesy meeting at the Ministry of Economy and Finance to discuss current and future EU-Cambodia cooperation including on public financial management, education and taxation reforms in the context of the EU Global Gateway strategy.

The good progress was noted with the successful grant transfer from the EU to the Government's treasury of more than 10.5M USD (9.5M EUR) for positive progress in PFM and education reforms. Targets that have been reached include increased transparency with the publication of the annual budget law, more competitiveness of public procurement procedures and further digitalisation of Government payments.

The dialogue takes place in the context of increased efforts to attract European investments to Cambodia, following the first EU-Cambodia public-private dialogue held at the Council for Development of Cambodia on 17^th September.

Ambassador Driesmans emphasized the EU's unwavering support for Cambodia's development journey. He highlighted the Global Gateway strategy as a valuable tool for attracting EU investments and fostering sustainable growth. He noted:

"The European Union is committed to its partnership with Cambodia, as Team Europe, to promote the green and digital transitions and to accompany Cambodia through the upcoming graduation from Least Developed Country status. The Global Gateway investment strategy will be the EU tool available to Cambodia in this juncture."

Tomorrow, 20 of September, the EU and MEFwill commemorate this partnership and foster mutual understanding by co-hosting the 2024 "MEF-EU PFM Football Cup" as a testament of the strong bonds between the two sides and their shared commitment to sustainable economic development.

About EU's support for Public Financial Management in Cambodia

• The EU has been supporting the Public Financial Management (PFM) Reform of the Royal Government of Cambodia since 2006. The current support is the EU-Cambodia Partnership for Public Financial Management Reforms 2022-2028, focusing on key reforms of the management of public funds supported by the EU in key areas promoting a progressively more accountable, transparent and efficient use of public funds. The EU also provides technical assistance to the Royal Government on the basis of demand and promotes institutional twinning between Cambodian institutions and EU Member States institutions, including in Statistics and in Education.