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The Star
3 days ago
- Business
- The Star
Cambodian ministries going digital with e-invoice platform
The exterior of the Ministry of Economy and Finance headquarters. - The Phnom Penh Post PHNOM PENH: The Royal Government of Cambodia, through the Ministry of Economy and Finance, has mandated that the budgetary units of six additional ministries will now employ electronic invoices (e-invoices) for public procurement expense payments. Suppliers issuing invoices to these ministries must also issue e-invoices. This directive is part of the second step of Phase 1 of Cambodia's Electronic Invoice System, as detailed in an official notice signed by finance minister Aun Pornmoniroth on July 14. According to the notice, the policy aligns with phase one of the seventh-mandate government's Pentagonal Strategy, Cambodia's Digital Economic and Social Policy Framework 2021–2035 and the Joint Action Plan of the Public Financial Management Reform Program (Phase 4). The finance ministry completed the development of the Cambodia e-Invoice System, which officially launched on January 22, 2025, with the first phase implemented within the finance ministry and the Ministry of Environment. To promote the adoption of e-invoices, the programme was expanded to the Ministry of Agriculture, Forestry, and Fisheries, Ministry of Commerce, Ministry of Industry Science Technology and Innovation, Ministry of Education Youth and Sport, Ministry of Posts and Telecommunications, and Ministry of Civil Service, as of July 14. The Cambodia e-Invoice System is a government-managed IT platform for exchanging invoices electronically between sellers, service providers and service recipients. It authenticates and validates e-invoices officially, eliminating the need for printed copies. The system aims to Improve transparency and accountability in public financial management, support Phase 4 of the government's public financial reform programme, enhance tax compliance, promote sustainable development and prepare Cambodia for Asean digital economic integration. The MEF has issued several key implementation guidelines. The ministries may only accept e-invoices for public procurement-related expense payments. These must be sent electronically, validated and registered through the Cambodia e-Invoice System. They must notify suppliers to register and become members of the e-Invoice System if they have not already done so. The General Department of Digital Economy will operate the system, while the General Department of Budget and General Department of National Treasury will support implementation by verifying and integrating e-invoices into public financial management workflows. Chhin Ken, president of the Cambodia Digital Tech Association, told The Post on Tuesday (July 15) how e-invoicing is gaining global momentum, and noted that Cambodia is catching up. The system improves data tracking, streamlines financial workflows and enables both government and private sector institutions to better manage revenue and expenditure. 'This is a positive and modern reform. It helps business owners reduce paperwork and lets the government instantly access invoice data by entering codes into the system — a secure and efficient process that prevents fraud,' he said. He also encouraged business owners to embrace the change. 'As someone in the tech sector, I strongly encourage businesses to follow this directive. It will improve productivity, enhance operational efficiency and reduce issues faced by ministries, institutions, and companies alike,' he added. - The Phnom Penh Post/ANN
The Star
01-06-2025
- Business
- The Star
Cambodia's total public debt reaches US$12.18bil as of Q1
An aerial view of the capital's central business district. - Photo: The Phnom Penh Post file PHNOM PENH: The Cambodian government had a total public debt stock of US$12.18 billion at the end of the first quarter of 2025, up 1.24 per cent from US$12.03 billion at the end of 2024, according to the Cambodia Public Debt Statistical Bulletin on Friday (May 30). Published by the Ministry of Economy and Finance, the bulletin showed that 99 per cent, or $12.06 billion, was public external debt and 1 per cent, or $118.33 million, was public domestic debt. The composition of the public debt stock comprised 48 per cent in USD, 18 per cent in Special Drawing Rights (SDR), 11 per cent in JPY, 10 per cent in CNY, 8 per cent in EUR and 5 per cent in local and other currencies, the bulletin said. During the January-March period this year, the government signed new concessional loans with development partners in a total amount of $78.81 million, which accounted for 3 per cent of the ceiling permitted by law, it said. "Overall, all the loans are highly concessional with an average grant element of around 50 per cent," the bulletin said. The bulletin said the Southeast Asian country had paid debt services to development partners in the amount of $237.8 million in Q1 of 2025. Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth said all the loans had been used to finance public investment projects in the priority sectors that support long-term sustainable economic growth and increase economic productivity. Cambodia's public debt situation is currently at a controllable level and continues to remain "sustainable" and "low risk" of debt distress, he said in the bulletin. The kingdom's total public debt is at 18.4 per cent of the gross domestic product (GDP), which is far lower than the threshold of 40 per cent, according to the bulletin. - Xinhua
