PHNOM PENH, April 20 (Xinhua) -- Cambodia on Friday launched the eight-year budget system reform strategy (2018-2025) with the aim of further enhancing the effectiveness of state budget management and reallocation for government's institutions and public investments.

Speaking at the launching ceremony here, Prime Minister Samdech Techo Hun Sen said the strategy was the backbone of the Public Finance Management Reform Program, which has been carried out since 2004.

"It is a tool for sustainably mobilizing national resources and reallocating them effectively and efficiently for development purposes," he said. "Thus, we have to harness this opportunity and create favorable condition to successfully implement this planned strategy following Cambodia's contexts."

Meanwhile, the prime minister lauded the country's hard-earned peace in the last two decades, saying peace and political stability are the prerequisite and necessary condition for macroeconomic stability and social development.

Cambodia had graduated from a low income to a lower-middle income country three years ago, he said, adding that the Southeast Asian nation was approaching the graduation from the Least Developed Countries (LDCs) status in the forthcoming future.

"With such a potential, Cambodia has been named a New Tiger of Asia," Hun Sen said.

He added that Cambodia had set a vision to become an upper-middle income country by 2030 and a high-income country by 2050.

According to Economy and Finance Minister Aun Pornmoniroth, state revenue had increased by more than twice in the last five years, from 2.26 billion U.S. dollars in 2013 to estimated 4.56 billion U.S. dollars in 2018.