Chairman of State Administration Council Prime Minister Senior General Min Aung Hlaing Attends and Delivers a Speech at Financial Commission Meeting (1/2023)

Chairman of State Administration Council Prime Minister Senior General Min Aung Hlaing Attends and Delivers a Speech at Financial Commission Meeting (1/2023)

The Financial Commission Meeting (1/2023) was held at the meeting hall of State Administration Council Chairman’s Office in Nay Pyi Taw on 21 March. The Chairman of the Financial Commission Chairman of the State Administration Council (SAC) Prime Minister Senior General Min Aung Hlaing attended the meeting and delivered a speech as follows:

· Today’s meeting was to discuss and approve “the Union budget for 2023-2024 financial year” and “the Union budget bill”.

· Especially, relevant ministries need to spend the fund on prioritized sectors and regions to implement four economic objectives.

· Regarding the expense for debts, the government prioritizes the budget for paying back the foreign loans and interests on time as a responsible country.

· Moreover, the government allows expenditures for education, health and social protection for the development of human resources which are essential for the State, as well as, the sports, religious affairs and cultural expenditures.

· As the government is conducting transparent management of the people’s fund under the law, orders and directives are released on spending of expenditures to be in line with financial rules, procedures, tender rules and disciplines, and accepting auditing.

Then, the Vice-Chairman of the Financial Commission the Vice-Chairman of the SAC Deputy Prime Minister Vice-Senior General Soe Win discussed at the meeting that the finance provided by the Union was yearly allotted to regions and states in a correct ratio in line with the mid-year financial framework and six socioeconomic indexes.

Commission Secretary Deputy Prime Minister and Union Minister for Planning and Fi­nance U Win Shein reported on the Union budget for 2023-24 FY and the Union Budget Bill. Then, the Auditor-General of the Union also clarified findings in auditing the budget in 2022-23 FY, reviews and requirements to follow the financial rules and regulations.

Afterwards, the Chairman of the Financial Commission Chairman of the SAC Prime Minister delivered a concluding remark as follows:

· It will be submitted to the SAC via the Union government for enacting the Union Budget Law for 2023-24 FY along with an endorsement from the financial commission.

· The respective ministries are urged to strive for the State to receive revenues fully in accord with the existing laws, and they also need to try to increase the incomes of State-owned economic organizations that are not payable taxes.

· All the departments and organizations are urged to cooperate and work hard as a national duty for prosperity of the State and food security for ensuring the domestic manufacturing development, becoming the exporter country from the importer, ensuring local oil sufficiency, creating job opportunities for the people and increasing per-capital income.

· In the past, the low domestic manufacturing and insufficient domestic consumption have caused import reliance and trade deficits.

· Currently, the government encourages manufacturing at home and tries to resume the operation of halted State-owned industries.

· The government has increased the expenditure for generating electricity which plays a key role in the develop­ment undertakings of the State.

Also present at the meeting were Vice-Chairman of the commission SAC Vice-Chairman Deputy Prime Minister Vice-Senior General Soe Win, Com-mission secretary Deputy Prime Minister and Union Minister for Planning and Finance, Union Minister for Legal Affairs, Auditor-General of the Union, chairman of Nay Pyi Taw Council and deputy ministers together with chief ministers of regions and states through video conferencing.

Source: Myawady Daily Newspaper (22-3-2023)