Financial Commission Meeting: Fiscal priorities and economic goals for Myanmar

A meeting of the Financial Commission was held in Nay Pyi Taw on Thursday, with an address by Commission Chairman and State Administration Council Chairman, Prime Minister Senior General Min Aung Hlaing.

In his speech, the Prime Minister emphasized the imperative of achieving targeted budget goals and efficiently utilizing budget estimations for the 2024-2025 fiscal year. He underscored the government's commitment to revitalizing economic growth, which had been hindered by the COVID-19 pandemic.

For the upcoming fiscal year, budget allocations will prioritize human resource development, education, healthcare, power generation, transportation, as well as technical, agricultural, and livestock schools. The Prime Minister stressed the importance of streamlining administrative costs and allocating resources towards endeavors that directly or indirectly contribute to state stability, rule of law, and economic development.

Vice Chairman of the Commission and Vice Chairman of the State Administration Council, Deputy Prime Minister Vice Senior General Soe Win, reported that the budget estimation process for the next fiscal year had undergone thorough scrutiny by relevant organizations and committees. Permission has been granted for development projects, disaster mitigation, and the rehabilitation of displaced persons.

The meeting continued with discussions regarding the Union Budget Estimation and Union Budget Bill for the 2024-2025 fiscal year, Supplementary Budget, amended budget estimations, Union Supplementary Budget Bill for the same period, as well as budget estimations for regions and states, and future plans.

The Prime Minister highlighted the necessity of creating employment opportunities by bolstering production in the agriculture and livestock sectors. He urged ministries to collaborate effectively in budget utilization. The Prime Minister also stressed the allocation of the General Revenue Fund (GRF) for use in education, health, and construction sectors under special circumstances, in accordance with financial regulations.

In conclusion, the Prime Minister called upon all stakeholders to exert strenuous efforts for the successful implementation of tasks aligned with the 5-point Road Map and 9 objectives of the state.