Cambodia’s rapid economic growth andpoverty reduction have taken place in an environmentcharacterized by macroeconomic stability and prudent fiscalmanagement. Having recently graduated to become a lowermiddle-income country, Cambodia is beginning to face complexfiscal and public service delivery challenges. The Cambodiapublic expenditure review (PER) discusses the numerousachievements in fiscal policy to date and presents policyoptions going forward, based on both analysis andconsultations with stakeholders. The PER aims to help theRoyal Government of Cambodia in the effort to overcome thechallenges and move toward more effective public spendingand service delivery, while maintaining macroeconomicstability. To make the most of fiscal policy and availablefiscal space, Cambodia needs to continue improving theallocation and execution of public resources, for increasedvalue for money. The Cambodia Public Expenditure Review(PER)discusses the numerous achievements in fiscal policy todate and proposes policy options goingforward, based on bothanalysis and consultations with stakeholders. The PER aimsto help the RoyalGovernment of Cambodia in the effort toovercome the abovementioned challenges and move towardmoreeffective public spending and service delivery, whilemaintaining macroeconomic stability. Structured around thekey challenges, the six chapters of the PER are based onbackground papers that incorporate feedback from two roundsof consultations with the PER Committee chaired by theMinistry of Economy and Finance.