Cambodia Resident Mission: Activities

10 July 2023 ADB supports Cambodia’s efforts to adopt international tax standards

On 10–12 July, ADB conducted a workshop with 50 officials from Cambodia’s General Department of Taxation to discuss the scope and mechanism of the Global Anti-Base Erosion rules, its effect on the country’s tax incentives, as well as tax treaty measures to address Base Erosion and Profit Shifting concerns. The workshop dealt with the steps for the application of the Global Minimum Tax, the positive effects it may bring, and how it may lead to the need to redesign existing tax incentives. Participants learned how the Global Minimum Tax may impact Cambodia and possible options of implementation that may improve domestic resource mobilization while allowing to maintain certain tax incentives. 

Through RETA 9433 and the Asia Pacific Tax Hub, ADB supports Cambodia’s efforts to align their legal framework and administrative practices with international tax standards, thereby increasing their capacity to fight tax evasion, halt aggressive tax avoidance, and mobilize domestic resources. If your developing member country is interested in tax integrity support, email us.

06 June 2023 ADB supports Cambodia's efforts to implement international tax integrity standards

On 6–8 June 2023, ADB and the Global Forum held technical discussions with 58 Cambodian government officials to help the country prepare for its upcoming peer review that will assess its implementation of international tax transparency standards and exchange of information on request.

Through RETA 9433, ADB supports Cambodia’s efforts to align their legal framework and administrative practices with international tax integrity standards by increasing their capacity to fight tax evasion and mobilize domestic revenue resources. 

If your DMC is interested in tax integrity support, email us. 
 

16 March 2023 ADB Supports Dissemination of New Power Development Masterplan and National Energy Efficiency Policy

On 16 March, Ministry of Mines and Energy and ADB jointly hosted an Energy Forum in Phnom Penh to disseminate the recently adopted Power Development Masterplan and National Energy Efficiency Policy, both prepared under ADB technical assistance. Cambodia Minister of Mines and Energy Excellency Suy Sem opened the forum emphasizing their significance to drive Cambodia’s energy transition and meet international commitments under the Paris Agreement, while Minister of Environment Excellency Say Samal highlighted their importance in supporting Cambodia’s targets to achieve its Long-Term Strategy for Carbon Neutrality. Representing the ADB team at the forum, Head of Portfolio Administration Unit at ADB Cambodia Resident Mission Anthony Gill recognized Cambodia's efforts in shifting to cleaner forms of energy and reiterated ADB's support for energy transition through a combination of policy support and project investments. Among these, ADB’s ongoing projects for reinforcement of the national power grid, expansion of solar PV through Public Private Partnerships, and support to accelerate the adoption of emerging technologies such as battery storage systems. The Forum was attended by 80 representatives of national government institutions, international development organizations, NGOs, and the private sector.

16 March 2023 Finance Ministry, ADB Co-Chair Sector Policy Dialogue

On 16 March, the Ministry of Economy and Finance (MEF), and ADB co-chaired a sector policy dialogue in the areas of skills development, education, energy, and agriculture. Minister Attached to the Prime Minister and Permanent Secretary of State at MEF, and ADB Alternate Governor for Cambodia Excellency Vongsey Vissoth opened the dialogue recognizing ADB’s role as the country’s lead development partner. He highlighted Cambodia’s growth and recovery from the adverse effects of the pandemic, outlined the threats posed by climate change and geopolitical shifts, and called on ADB and other stakeholders for policy inputs to inform Cambodia’s new national development strategy 2024-2028, or the ‘Pentagon Strategy – Phase 1’. ADB Country Director for Cambodia Jyotsana Varma and ADB sector teams presented sector-specific recommendations including leveraging the private sector’s expertise to meet development needs, prioritizing investments for human capital development, and scaling up climate mitigation and adaptation investments, including for the green energy transition and new technologies. The need for the strategy to continue strengthening governance, institutional capacity, and gender mainstreaming, especially through digitalization and innovation, was highlighted. Over 150 officials from various government Ministries and agencies, development partners, private sector associations, and academia attended the policy dialogue.

13 March 2023 ADB, Ministry Convened Loan and Grant Disbursement Seminar

On 13-14 March, ADB and the Ministry of Economy and Finance (MEF) gathered over 80 Cambodia executing agency and implementing agency officials for a Loan and Grant Disbursement Seminar and Client Portal for Disbursements (CPD) workshop in Phnom Penh. MEF Under Secretary of State Excellency Pen Thirong opened the seminar by appreciating ADB’s huge contribution to Cambodia’s development. He was positive that the capacity-building session will ensure timely disbursement processing for project implementation. On behalf of the ADB team, Anthony Gill Portfolio Administration Unit Head at ADB Cambodia Resident Mission underlined the critical role of all implementers of ADB-supported projects in shaping the development of Cambodia. ADB Senior Financial Control Specialist Oliver Domagas led the seminar with discussion on the updated disbursement policies, procedures, and guidelines which aimed to further improve participants’ understanding to achieve more efficient disbursement operations of the projects. 

27 February 2023 ADB Supports Discussion on Policy to Foster Digital Education in Cambodia

On 27 February 2023, ADB supported the Ministry of Education Youth and Sport (MoEYS) to gather 400 policymakers, experts, academia, schoolteachers, civil society, and private sector stakeholders to discuss Digital Education Transformation Towards a Digital Economy. MoEYS Minister Hang Chuon Naron welcomed the timely discussion and outlined the steps being taken to strengthen teaching and learning through digital media. These initial measures were put in place to contain learning losses during the pandemic, and are now being refocused to effect the transformation towards a digital economy. CD CARM Jyotsana Varma emphasized the role of new technologies in reshaping the labor market with increasing industry demand for a workforce equipped with digital skills and competencies. ADB is supporting Cambodia to realize its potential to develop and implement the EdTech ecosystem to provide equitable, efficient, and enduring education to prepare students for meaningful jobs in the future economy.    

23 February 2023 ADB Convenes Knowledge Sharing and Discussion on Cambodia Property Tax Management

On 23-24 February, ADB organized an in-person workshop on Strengthening Property Tax Management to Enhance Local Revenue to share the outcome of the diagnostic studies with policy and administrative recommendations that include the establishment of uniform property valuation standard and streamlined collection process; gather feedback on the studies from the key stakeholders; and discuss next steps to implement the recommendations. In her opening remarks, ADB Country Director for Cambodia Jyotsana Varma noted while overall tax revenues in the country are high, revenues from immovable property and unused land taxes remain low. She underscored their importance as revenue sources for local governments to support the realization of sustainable development goals and accelerate post-pandemic recovery. Twenty-seven senior officials from the Ministries of Economy and Finance and Land Management, Urban Planning, and Construction; National Bank of Cambodia; and National Committee for Sub-National Democratic Development and ADB staff attended the workshop.

23 February 2023 National Bank of Cambodia, ADB Host Study Visit from Fiji and Solomon Islands

On 23-24 February 2023, the National Bank of Cambodia (NBC) and ADB hosted a study visit of delegations from the Central Bank of Solomon Islands led by its Governor Excellency Luke Forau and the Reserve Bank of Fiji led by its Deputy Governor Excellency Esala Masitabua. During the visit, the two delegation heads inked Memorandums of Understanding on Technical Cooperation with NBC Governor Excellency Chea Chanto for financial system development to promote more efficient and secure cross-border transactions and financial innovation in their markets. NBC showcased their innovative and popular peer-to-peer payment system called Bakong, based on distributed ledger technology, which facilitates cashless transactions between retail customers of local banks and payment services providers. ADB Country Director for Cambodia Jyotsana Varma underscored the partnership between ADB and NBC in providing access to formal financial services for the poor, strengthening financial stability, and supporting financial infrastructure in Cambodia. She hoped that knowledge-sharing will help the visiting delegations in refining their financial sector development strategies and promoting inclusion.

20 February 2023 Finance Ministry, ADB Co-Chair Discussion on Joint Country Portfolio Performance Review

On 20 February, the Ministry of Economy and Finance (MEF) and ADB co-chaired a Joint Country Portfolio Performance Review 2021-2022 with implementing agencies in collaboration with eight other key development partners (Agence Française de Développement, Asian Infrastructure Investment Bank, European Investment Bank, Export-Import Bank of Korea, International Fund for Agricultural Development, Japan International Cooperation Agency, KfW Development Bank, and the World Bank). MEF Under Secretary of State Excellency Pen Thirong opened the event by reaffirming the government’s strong commitment in cooperating with development partners for effective mobilization, coordination, and management of development assistance. ADB Country Director for Cambodia Resident Mission Jyotsana Varma encouraged participants to reflect on lessons learned from the review to apply them in developing the 2023 joint action plan, especially to improve advance actions in project preparation, and ensure quality implementation. More than 300 officials from government agencies, ADB, and other development partners participated in focused discussions in thematic groups on project management, procurement, financial management, and environmental and social safeguards. A Joint Action Plan supported by an MOU will be developed and signed in the coming weeks.

17 February 2023 ADB Signs MoU to Operationalize Cambodia's First Commercial Court

On 17 February, ADB signed an MoU with Ministry of Justice to operationalize the country's first commercial court. Speaking at the signing ceremony, the Justice Minister Excellency Koeut Rith expressed his deep appreciation for ADB's support, saying that the MoU marks an important step towards the development of efficient, fair, and effective commercial court procedures, and training of judges of the Royal Academy of Judicial Professions who will adjudicate commercial disputes. Country Director for ADB Cambodia Resident Mission Jyotsana Varma underscored that commercial courts will help Cambodia attract and retain high-quality investment by fostering a business climate that operates in a clear and predictable legal framework, with a reliable, efficient and transparent dispute resolution system.