Financial meeting: Financial Commission holds its meeting 1/2023

The Financial Commission held its meeting 1/2023 at the SAC Chairman office in Nay Pyi Taw on Tuesday with an address by Chairman of the Comission, Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing.

At the meeting, the Prime Minister said that the meeting is to discuss and approve “Union Estimated Budget for 2023-2024 financial year” and “The Union Buget Bill”.  After approving the meeting, the Union Government will submit them with the approval of the Financial Commission to the State Administration Council for enacting the Union Budget Law.

The Prime Minister added that the depatments and organizations need to estimate closely the budget for the actual implementation for the 2023-2024 fiscal year, to make efforts for meeting and exceeding the estimated target in maintaing the budget deficit, to priotize spending the expenditures in the tasks that can support swiftly the socio-economic development of the state and promote socio-economic life of the people and to use thriftly other expenses. Due to the economic decline of global and regional countries along with the COVID-19 pandemic, depreciation of the national currency, the hiking prices of fuel and general goods, it is necessary for developing countries like Myanmar to take special care in the management and use of public funds.

In addition, the state is allowing expenditures on education, health and social protection for human resource development as well as sports and religious and cultural expenses in accordance with the needs. As the budget allocation is based on the income of the Union, only when the Union ministries, the region/state governments fully receive their estimated budgets in the financial year, they can fully spend their allocated expenses. The Prime Minister also said that the government is transparently undertaking public finance management and it is issuing orders and directives on compliance with fianncial rules and procedures, following tender rules and checking the list in spending the expenses.

Later, Vice Chairman of the Commission Vice Chairman of the SAC Deputy Prime Minister Vice Senior General Soe Win said that concerning the budgets of the Union Level departments, organizations and regions and states for 2023-2024 financial year verified with relevant departmetns, organizations, region and state governments, they have further scrutinized the expenditures that will be used effectively in national development, the expensesd for education, health and socio-economic life development for the development of human resources and other mandatory expenses.

He said that the funds provided by the Union to the regions and states are being allocated annually to be proportional in respective regions and states by using 6 indicators based on social economy and by forming a mid-year financial framework provided by the Union to the regions and states. After that, Secretary of the Financial Commission Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein reported on the estimated budget of the Union for 2023-2024 financial year and the 2023-2024 Union Budget Bill. The Union Auditor General reported on findings on the 2022-2023 financial budget/expenditure, reviews on the findings and the facts to be followed in line with financial rules and regulations.

In his concluding speech, the Prime Minister said that it is ncecesary to carry out the project and budget, to continuously supervise the implementation of project activities as well as to accept the audit checking systematically. He called on the departments and organizations to strive for boosting domestic manufacturing activities, to become an exporting country from an importing country, local edible oil sufficiency and employment opportunities for the people. He urged the Union and Region/State goverments to strive for development of the state economy while implementing effectively to achieve the future road maps and objectives adopted by the state.