Nay Pyi Taw August 24
A coordination meeting on the submission of budgets of regions and states for a period of six months from October 2021 to March 2022 took place at the meeting hall of the State Administration Council’s Office in Nay Pyi Taw at 2 pm today, with an address by Vice Chairman of the Finance Commission Vice Chairman of the SAC Deputy Prime Minister Vice-Senior General Soe Win.
The meeting was attended by commission Secretary Union Minister U Win Shein, Union Auditor General Dr Kan Zaw and Deputy Minister U Maung Maung Win. Region and state prime ministers who are members of the commission were also present through video conferencing.
Delivering an opening speech, the Vice-Senior General said the financial year of the State will be changed and designated again as the period from 1 April to 31 March as of the 2022-2023 fiscal year. Therefore, a sixmonth period from October 2021 to March 2022 after the end of 30 September this year will be designated as an interim budget period. The State economy has been impacted by the restrictions due to the ongoing COVID-19 pandemic and the destructive acts in political context, and revenues have declined.
No matter whatever challenges we face, our provisional government is working hard to fulfil the socio-economic requirements of the people.
In spending the budgets allotted by the Union and the revenuesthey will earn in the sixmonth interim budget period, respective regions and states are urged to focus on COVID-19 prevention and control, regional development projects such as roads, bridges, electricity and water supply that directly benefits the people and manufacturing services that can yield benefits directly or indirectly.
When it comes to projects, it is necessary to place the ongoing ones and those really necessary for the people in order of priorities. As it is the six-month budget, it is important to spend their budgets in the prescribed period. The regions and states have to implement their respective projects with the Union and regional budgets and foreign loans and cash assistance by having links with the union ministries in various sectors. In so doing, there must be cooperation between the government and private sector, the Vice-Senior General said.
Next, Union Minister U Win Shein explained the provisions of the region and state budgets as per the constitution and projects to be prioritized. Deputy Minister U Maung Win reported on matters related to the budget accounts of the regions and states in the six-month period.
Union Auditor General Dr Kan Zaw reported on the budgets of the regions and states and auditing processes in relation to the implementation of projects. Union Minister U Win Shein discussed the points to be followed in drawing region and state budgets and managing them. In his concluding remark, the Vice-Senior General said in the six-month interim budget period, the regional revenues have to be spent along with the budgets allotted by the Union. Currently, like the international community, our provisional government has to be trying to overcome the challenges triggered by the COVID-19 pandemic.
Those challenges are causing trouble or decline in our national economy. We are in the period of facing and overcoming the difficulties that can harm the socio-economy of the people. Economic pressures related to politics are also challenge to the government and the people as well. We must overcome them through the united strength of departmental staff and the people.
Regarding the budgets allotted now, it is necessary to spend systematically and effectively. The spending of those budgets depending on the amount acquired must be in line with the financial rules and in a correct way. The regions and states are to spend their budgets systematically and avoid unnecessary spending so as to facilitate and revive the economy impacted by the COVID-19 pandemic.
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