Feasibility studies must be conducted for the projects which must be cost-effective and beneficial for the people: Senior General


Ministry of Information/ Naypyitaw / March 22, 2023
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DOMESTIC raw materials must be fully utilized for manufacturing finished goods with the technical assistance of relevant departments, said Chairman of National Planning Commission Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing at the National Planning Commission meeting 1/2023 at the SAC Chairman Office in Nay Pyi Taw yesterday morning.

Speaking at the meeting, the Senior General said that the economic growth rate declined 5.9 per cent from October 2020 to September 2021 in the 2020-21 financial year. In implementing the six-month interim plan, the economic growth rate increased by 2.4 per cent and in the first six-month period of the 2022-23 FY, by 3.4 per cent. The relevant department estimated that the economic growth rate may reach 3.4 per cent for the whole year.

Operation of manufacturing at home at full capacity is crucial in the economic development of a nation. Only when domestic production increases will it fulfil the requirement of food for ensuring local food security.

The development of rural regions reflects the socioeconomic improvement of rural people, narrowing the development gap between urban and rural areas. The government will accelerate public-centred development measures for the whole nation.

The Senior General stressed the need to continuously strive for the cultivation of sunflowers on the schedule for ensuring local oil sufficiency. Local farmers need to learn from the difficulties of growing monsoon and winter sunflower cultivation to have success in meeting the target.

The Senior General highlighted that investments from home and abroad are invited to the nation in various ways and means. This being so, relevant departments are to comprehensively coordinate the implementation of investments in businesses in time.

The government allows the implementation of projects to build staff housing for doctors and nurses from the health sector, construct health infrastructures and accelerate healthcare services with the increased budget for the health sector.

The finance is increased annually for raising the sports sector and ensuring a healthy and fit society. So, standardized stadiums, gymnasiums and swimming pools are under construction in regions and states.

During its tenure, the State Administration Council raised the allocated budget for the education sector to improve education infrastructures and extend school buildings. Now, the plans have been allowed to build 51 technical, agricultural, and livestock schools in 50 districts for granting the students to have jobs and continue learning higher education in relevant subjects with stipends.

The Senior General urged all to strive for increasing the enrolment rate of school-age children in the future and decreasing the school dropout rate. All have to implement the education system to produce qualified students in larger quantities.

The Senior General pointed out that the world’s geopolitical crises lead to rising fuel prices. So, high prices of commodities, changes in interest rates and foreign exchange rates raise the amount of debts causing a decline in the local currencies.

As such, the Senior General noted that guidance has been given to reduce the consumption of fuel oil and an effective energy consumption system develops. Effective reduction of fuel consumption will contribute to the emergence of a carbon-free environment. Efforts must be made for generating electricity at full capacity, timely completing the electricity projects and implementing small-scale hydropower projects in relevant regions while managing the generation of electricity from solar power, wind power, coal-fired power and nuclear energy.

Implementation of projects needs to follow the plan, do, check and act-PDCA for having the economic development before the Covid-19 period, the Senior General added.

Vice-Chairman of the National Planning Commission SAC Vice-Chairman Deputy Prime Minister Vice-Senior General Soe Win stressed the need for timely completion of projects, spending the appropriate amount of money on projects, and achieving good results and high quality in the implementation of the project with the use of State budget.

Vice-Chairman of the National Planning Commission Deputy Prime Minister Union Minister for Planning and Finance U Win Shein reviewed the implementation of the national plan for the 2022-23 financial year and drafted the national plan for the 2023-24 FY.

Commission Secretary Deputy Minister for Planning and Finance Daw Than Than Lin reported on the 2023-24 FY national planning law (draft). Auditor-General of the Union U Tin Oo explained recommendations over findings in the previous FY and plans to do auditing in the 2023-24 FY.

In his response to the reports, the Senior General said the State economic promotion fund allotted K400 billion to regions and states, self-administered zones and divisions. These amounts must be capital for agricultural tasks such as sunflower, green gram and summer paddy cultivation. Despite different situations, all need to seek ways and means for meeting the target and ensuring successful implementation of the projects.

In conclusion, the Senior General stressed the need to systematically hand over the finance to the government if the implementation of projects cannot be completed at the end of the financial year for many reasons. Feasibility studies must be conducted for the projects which must be cost-effective and beneficial for the people.

The economic promotion with the most certainty is operating agricultural produce and livestock products. Domestic raw materials must be fully utilized for manufacturing finished goods with the technical assistance of relevant departments.

The Senior General pointed out that it is necessary to adjust the income and expense of the State-owned enterprises. Any projects need to depend on efficient spending of money and full capacity in implementation. The Senior General urged all to seek strong and weak points in the national plan this financial year for the development of the State economy.

MNA/TTA

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