Cambodian police officers stand guard while awaiting the release of 18 soldiers after being captured and detained by the Thai army, at the old international airport in Phnom Penh, Cambodia, Wednesday, December 31, 2025. | Photo credit: AP

The Ministry of Finance indicated that at the end of November, public finances remained aligned with budgetary targets. of the year, supported by the dynamism of non-oil revenues and a prudent and orderly exercise of expenditure, which helped to preserve macroeconomic stability.

This performance reflects the sustained growth in tax collection, in an environment of greater recovery efficiency, strengthening customs surveillance and resilience of economic activity.

The agency clarified that between January and November, budget revenues showed positive behaviorrecording five consecutive years of growth, driven by the strength of non-oil revenues, which increased by 4.4% in real terms per year and exceeded by 117 billion pesos what was planned in the program.

Furthermore, noted that tax collection continued to grow, with a real annual increase of 4.6%adding three consecutive years of increases for the January-November period.

This performance is due to the broadening of the tax base, the fight against smuggling and the integration of digital tools into administrative and control processes.

Furthermore, indicated that public spending was carried out in accordance with the approved schedule, with real annual increases in education (+1.7%) and social protection (+8.1%), promoting the effective exercise of constitutional rights through welfare programs.

While public debt rose to 51.7% of GDP, maintaining a stable and sustainable trajectory in the medium term. —below 52% of GDP recorded in 2024—thanks to a responsible budgetary policy and the optimization of the profile of
maturities, factors recognized by the main sovereign debt rating agencies.