Financial Commission Chairman SAC Chairman Prime Minister Senior General Min Aung Hlaing delivers speech at Financial Commission Meeting 1/2023
The Financial Commission held meeting 1/2023 at the meeting hall of the State Administ-ration Council Chairman Office in Nay Pyi Taw this afternoon, with an address by Commission Chairman SAC Chairman Prime Minister Senior General Min Aung Hlaing.
Also present at the meeting were Vice Chairman of the co-mmission SAC Vice Chairman Deputy Prime Minister Vice-Senior General Soe Win, Com-mission secretary Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein, Union Minister for Legal Affairs Attorney-Gene-ral of the Union Dr Thida Oo, Auditor-General of the Union U Tin Oo, Chairman of Nay Pyi Taw Council U Tin Oo Lwin and deputy ministers together with chief ministers of regions and states through video conferencing.First, Financial Commission Chairman SAC Chairman Pri-me Minister Senior General Min Aung Hlaing delivered an address, saying that today’s financial commission meeting 1/2023 was to discuss and app-rove the 2023-2024 financial year Union budget and the Union budget bill.
After approving them, the Union government will submit the bill to the State Administra-tion Council for emnacting it as a law with the recommendation of the financial commission.The State Administration Council was reconstituted on 1 February 2023 and it adopted the five-point roadmap and 12 objectives. So, the 2023-2024 FY budget will be the plans of the Union government for contribu-ting to the implementation of the roadmap and 12 objectives.Especially, relevant ministries need to spend the fund on prioritized sectors and regions
to implement four economic ob-jectives: To enhance developm-ent based on agriculture and livestock using modern production techniques and to stre-ngthen all-round development in other sectors of the economy; To develop a stable market econo-my and promote international investment in order to enhance the economic development of the entire National people; To assure support for the sustain-ability of Micro-, Small- and Medium-Sized Enterprises (MSMEs) that prioritize import substitution, export production, and the use of domestically pro-duced raw materials, in order to increase domestic production and generate employment opportunities; and To advance the socio-economic life of the people, in order to ensure the country’s prosperity and food security.In earmarking the budgets for 2023-2024 FY, departments and enterprises are to set the approximate plans in impleme-ntation, strive for exceeding the target income so as to adjust the budget deficit, prioritize the expenditures for quickly contri-buting to the economic develop-ment of the State and increasing the expenditures to enhance the people’s socio-economic life and systematically spend other expenditures.
With regard to expense for debts, the government prioritizes the budget for paying back the foreign loans and interests on time as a responsible country.As global and regional coun-tries are facing the downtrend of State economy, decline of foreign exchange rate and high prices
of fuel oil and general commodi-ties which occur together with outbreak of COVID-19, develo-ping countries like Myanmar needs to carefully spend the public finance.Moreover, the government allows expenditures for education, health and social prote-ction for development of human resources essential for the State,
sports, religious affairs and cultural expenditures. As budget allocation depends on in-come situation of the Union, only when Union ministries and region/state governments fully achieve earmarked incomes in the financial year can the government spend the earmar-ked expenditures.
The government is conduct-ing transparent management of the people’s fund under the law, orders and directives are released on spending of expen-ditures to be in line with financial rules, procedures, tender rules and disciplines, and acc-epting auditing.
The Senior General urged all financial commission members to take part in discussions on the Union budget and the Union budget bill for 2023-2024 FY which will be reported by the financial commission secretary Union Minister for Planning and
Finance for the Union govern-ment to submit them to the State Administration Council.
SAC Vice Chairman Deputy Prime Minister Vice-Senior General Soe Win, also Vice Chairman of the Financial Commis-sion, said he reviewed and scrutinized the budgets and spen-ding essential for national projects, education for human resource development, health and socio-economic progress over the estimated budgets for 2023-2024 of respective union level departments and organi-zations and regions and states already scrutinized by respective departments, organizations and region/state govern-ments under the supervision of the Ministry of Planning and Finance.
He added that proportionate budgets for regions and states are being allotted annually with the use of six socio-economic indexes after adopting middle-term financial frame-works.
Next, Commission Secretary Deputy Prime Minister Union Minister U Win Shein explained the 2023-2024 budget and the budget bill of the Union. The Union Auditor-General reported on the findings, revi-ews and points to be adopted in accord with the financial rules. In his concluding remark, the Senior General said the 2023-2024 financial year Union budget and the Union budget bill were approved at the commis-sion’s meeting today. For the law enactment, the Union government will submit them along with an endorsement from the Financial Commission to the SAC.
He stressed the need for heads of departments and organizations themselves to su-pervise so as to earn income as they have targeted. The respective departments are urged to strive for the State to receive revenues fully in accord with the existing laws. Respe-ctive ministries also need to try to increase the incomes of State-owned economic organizations that are not payable taxes. They must try to meet their targets by systematically reviewing the prevailing conditions.
Moreover, there must be balance between projects and bu-dgets while constant supervision is necessary in implemen-ting those projects. Systematic auditing is also required in re-lation to income and spending. Like the peace process for the establishment of a Union based on democracy and fede-ralism, plans for national eco-nomic development are crucial. The State is encouraging in all aspects for the development of agricultural and livestock breeding businesses, rural areas and MSMEs. While budgets are being allotted, assist-ance is also being rendered for capital and investment by raising funds such as the State economic development fund, the special COVID-19 fund and MSME development fund.
All the departments and organizations are urged to coo-perate and work hard as a national duty for national pros-perity, food security, domestic manufacturing development, an export-reliant country instead of an import-reliant one, enough domestic oil supply, increased job opportunities and improved income of individuals. Low domestic manufacturing and insufficient domestic con-sumption have caused import reliance and trade deficits. So, our government is encouraging domestic production while taking measures to resume ope-rations of State-owned facto-ries. Domestic production of enough quality consumer goods can reduce foreign exchange spending.
Budgets for electricity gen-eration have also been increa-sed to be able to supply enough electricity for national develop-ment tasks. The regions and states for their part need to try to generate electricity in a short time. Likewise, it is necessary not to waste electricity in the distribution sector. Relevant ministries and organizations are to try to ensure a balance between power purchase and distribution.
The Union, regions and states are to work hard for national economic development by im-plementing the roadmap and objectives adopted by the St-
ate, the Senior General conclu-ded.