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Law on Public Finance System
The law on Public Finance System was promulgated on May 13th, 2008. This Law updates all amendments made to the 1993 Law on Finance System and aims at setting fundamental principles to manage overall public financial system in Cambodia and providing governing guidelines to the Royal Government and the National Assembly on developing the Financial Law (Budget Law), Financial Corrective Law (Budget Adjustment Law) and Post-Budget Law (Budget Settlement Law). The law provides guidelines on the roles and responsibilities of relevant institutions in each step of the budget process including: preparation, adoption, implementation and evaluation. Moreover, it also signifies a guide to review: budget performance, identifications of roles and responsibilities, and consequences of wrongdoings in public financial management by ministries, institutions, similar public entities, public establishments, and sub-administrations.  Further regulations have also been issued to address the details needed in managing public finance. As for the national budget, a new economic classification has been adopted and put into implementation by the Ministry of Economy and Finance's Prakas 1448, issued  December 27, 2007. This Prakas briefly explains what the elements of each budget chapter, account and sub-account are. This Prakas can be downloaded from:
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