IMF | Capacity Development Office in Thailand

Sha Wen, CDOT Regional Treasury Advisor, led a series of virtual workshops to support Cambodia’s General Department of the National Treasury (GDNT) in advancing accounting reforms and preparing the 2024 financial statements under a modified cash-basis framework. The engagement comprised twelve sessions covering accounting methods, draft accounting guidelines, and a gap analysis of the financial statements against international standards. The mission strengthened GDNT’s capacity to produce financial statements broadly aligned with cash-basis IPSAS and led to notable improvements, including the introduction of new statements on assets and liabilities and revenue and expenditure, as well as a reconciliation of public debt. The team provided targeted recommendations to address remaining gaps in areas such as cash advances, debt reconciliation, timeliness, and audit arrangements, and supported the finalization of key accounting guidelines. The workshops were well received by the authorities, who highlighted the practical and flexible delivery approach and requested continued IMF support to advance accounting reforms and strengthen fiscal reporting.

Sha Wen, CDOT Regional Treasury Advisor, and the IMF Fiscal Affairs Department (FAD) team conducted a field‑based mission to Cambodia to support the implementation of the Roadmap for Managing Expenditure Arrears 2025–2028. The mission focused on assessing priority reforms to strengthen budget execution, including expanding and enhancing the use of the Financial Management Information System (FMIS), reviewing progress under the roadmap, and following up on earlier recommendations on cash management. The team assisted the authorities in developing a prioritized action plan with measurable performance indicators for 2026–28 and delivered hands‑on training on cash forecasting using the Cash Flow Analysis Tool (CFAT). The mission’s findings were well received, and the authorities requested further IMF support, including on fiscal risk management and a comprehensive FMIS diagnostic.

David Corvino, CDOT Macroeconomic Advisor, and the IMF team conducted the third in-person mission of FPAS Technical Assistance to the National Bank of Cambodia (NBC). The mission provided technical assistance and training to support the NBC in developing the Quarterly Projection Model (QPM), focusing on filtration and calibration, and trained NBC forecasting team members to understand the model structure and interpret the results.

Renato Pérez, CDOT External Sector Statistics Advisor, provided technical assistance (TA) to the National Bank of Cambodia (NBC) to improve the source data and compilation framework for external sector statistics (ESS), specifically reserve assets, remittances, travel services, direct investment, and trade of goods.

Sha Wen, CDOT Regional Treasury Advisor, provided technical assistance to support the General Department of National Treasury (GDNT) of the Ministry of Economy and Finance (MEF) to assist GDNT in its transition from cash-based accounting to modified-cash accounting and to provide guidance on expanding Treasury Single Account to cover government expenditures.