| Project Detail |
Project Name Policy Advice for Implementing the Pentagonal Strategy-Phase I in Cambodia
Project Number 57301-001
Country / Economy Cambodia
Project Status Active
Project Type / Modality of Assistance Technical Assistance
The TA will enhance the generation and delivery of knowledge solutions and policy advice to the Royal Government of Cambodia (RGC) to expedite the implementation of its medium-term strategy - the Pentagonal Strategy Phase 1. The TA will help achieve the strategic objectives of maintaining the momentum of economic growth, accelerate development, and build resilience. The focus of the TAs knowledge solutions will be guided by the forthcoming ADB Country Partnership Strategy 2024-2028. It will do so by supporting the formulation of policies, development plans, and other knowledge products and services (KPS) through in-depth analysis, stakeholder consultations, and high-level policy dialogue. KPS will be identified during TA implementation to ensure ADB is responding to RGC KPS requests as they emerge. As each individual KPS is agreed, ADB will develop terms of reference and contract the appropriate specialist. The Ministry of Economy and Finance (MEF) will be the implementing and executing agency. ADB will administer the TA.
Project Rationale and Linkage to Country/Regional Strategy
Before the COVID-19 pandemic, Cambodia achieved robust economic growth of more than 7% per year on an average over two decades, attaining lower middle-income status in 2016. However, rapid changes in global geopolitics, the adverse impacts of the COVID-19 crisis, and other global headwinds have dampened the growth surge and adjustments to development plans, policies, and approaches are necessary to regain the high growth momentum in the journey to become an upper middle-income economy by 2030, as set forth by the Cambodia Vision 2050. Hence, Cambodia needs the provision of timely, innovative knowledge solutions for emerging challenges to implement its Pentagonal Strategy Phase 1 which is the RGC plan to recover from COVID-19 and become a middle-income economy by 2030. .
The first phase of the RGC Pentagonal Strategy commits to a large reform agenda, under the following five strategic pentagons: (i) human capital development, (ii) economic diversification and competitiveness enhancement, (iii) development of private sector and employment, (iv) resilient, sustainable, and inclusive development, and (v) development of digital economy and society. Highly targeted assistance, provided in a timely manner, can support RGCs efforts through knowledge solutions to tackle their post-pandemic priorities.
This TA will expedite the implementation of the government strategy and support the policy and regulatory environment towards the agenda of sustainable and inclusive economic diversification, by addressing the countrys challenges and pushing forward the reform agenda.
Impact
Support to the Government objective of Cambodia achieving middle-income economy status by 2030. |
