The Cambodian Council of Ministers on Friday approved a five-year development strategic plan (2014-2018), which needs financial resources of 26.5 billion U.S. dollars to achieve the target, according to a news statement released after a weekly cabinet meeting.
The meeting was chaired by Prime Minister Hun Sen.
The plan is designed to develop infrastructure, agriculture and irrigation system, energy, economy, education and health in the country. "It is estimated that the country needs about 26.5 billion U.S. dollars for five years, or 5.3 billion U.S. dollars a year, in order to achieve this development plan," the statement said. "The goal is to ensure the sustainable development of economy and poverty reduction."
The statement said the financial sources for the implementation of the plan could be sought from the government's coffers, international development partners, friendly countries and private investors.
Cambodia attained a 7.6-percent economic growth last year, according to government figures. Poverty rate has fallen from 53 percent in 2004 to 20 percent last year.