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Ministry of Economy and Finance

Ministry of Economy and Finance

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The Royal Government of Cambodia (RGC) has been qualified for IMF’s debt relief program under the Multilateral Debt Relief Initiative (MDRI) in the amount of US$ 82 million. Out of total amount, $26 million was mutually agreed to finance RGC’s Rural Irrigation and Agricultural Productivity Project in the eight provinces, namely, Kampong Cham, Prey Veng, Svay Rieng, Kratie, Stung Treng, Ratanakiri, Mondulkiri, and Battambang.

The IMF and the RGC have agreed to utilise US$26 million from the debt relief funds to support of a number of irrigation facilities in the Eastern Region and target increase in paddy production by promoting the use of high yield seeds and modern farming techniques. Ministry of Economy and Finance (MEF) is the Coordinating Agency. The Project aims to (i) improve the provision and use of water resources for irrigation; (ii) expand the livelihood from agriculture through the use of improved seeds and farming technology; and (iii) pilot the introduction of the production of pure seeds for increasing rice yields. The Project will cover 8 selected provinces namely Kampong Cham, Prey Veng, Svay Rieng, Kratie, Stung Treng, Ratanakiri, Mondulkiri, and Battambang.

The Project has been designed by the RGC and follows the sector project modality where subprojects will be developed in 8 selected provinces entirely using domestic resources. The Project will be implemented in accordance with RGC’s Sub-Decree No.74 ANK.BK dated 08 June 2012 on implementation of the Standard Operating Procedures (SOP), the Financial Management Manual (FMM) and the Procurement Manual (PM) for Externally Financed Projects/Programs. The Ministry of Economy and Finance (MEF) will play a facilitating as well as an oversight role in ensuring the Project complies with the SOP, FMM and PM.

MEF will also be responsible for providing capacity building and develop further policies and procedures for the implementation of the SOP, FMM and PM as well as for the implementation of the action plan of RGC’s Country Portfolio Performance Review.

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