Financial Commission meeting: SAC Chairman PM addressed the meeting

The meeting of the Financial Commission was held at the meeting room of the Office of the Chairman of the State Administration Council, Nay Pyi Taw on March 24.

The Chairman of the Financial Commission, the Chairman of the State Administration Council, and the Prime Minister, Senior General Min Aung Hlaing, attended and delivered speeches.

Firstly, the Chairman of the Financial Commission Prime Minister, in his opening speech, mentioned that the purpose of the meeting was to discuss and approve the Union budget for 2025-2026 fiscal year, as well as the Union budget Bill.

He emphasized that in order to implement the three national economic objectives, ministries, Nay Pyi Taw Council, Regions and States governments should prioritize expenditure according to sectors and regions. He also stressed that the ministries and organizations should focus on expenditures that can directly contribute to the country's development, such as infrastructure, transportation, electricity, communication, exports, imports substitution, and job creation. He further noted that the macroeconomic stability and long-term economic growth of the country should be maintained within an appropriate ratio between Budget Deficit and GDP. For the 2025-2026 fiscal year, the country's Gross Domestic Product (GDP) is expected to reach 171,498 billion kyats, with an estimated economic growth rate of 3 percent etc.

Next, the Commission Vice Chairman Deputy Prime Minister discussed the preparation of the available revenue for the Union level departments and organizations as well as the expenditures related to national development programs.

He also mentioned that the estimated expenditure plans for the 2025-2026 fiscal year had been thoroughly reviewed and verified by the relevant ministries and organizations.

The, the Commission secretary Deputy Prime Minister and Union Minister for Planning and Finance clarified the 2025-2026 Union Budget Bill.

The Union Minister for Legal Affairs Union Attorney General, Dr. Thida Oo, presented legal suggestions regarding the draft laws.

The Union Auditor General, Dr. Khin Naing Oo, also provided audit findings and recommendations regarding the estimated revenue and expenditure. Following that, the Nay Pyi Taw Council Chairman, Regions and States Chief Ministers presented their reports.

The Chairman of the Financial Commission, the Chairman of the State Administration Council, and the Prime Minister then addressed the need for increased expenditure in the internal affairs, defense, health, and education sectors, stressing that such increases are essential for the national development. They also emphasized that improving financial management would contribute to boosting the national economy. They called on ministries and regional governments to ensure that the allocated budgets are effectively used for the intended purposes.

Finally, the Chairman of Financial Commission urged that the allocated expenditures should meet the needs of the country and its people. He highlighted the importance of proper monitoring and accountability to ensure that expenditures are used effectively and in accordance with the budget.

Additionally, he stressed the need to fully collect tax revenue in line with the existing tax laws. The meeting concluded with these remarks.