The meeting (1/2022) of the Financial Commission was held at the meeting hall of the Office of the Chairman of the State Administration Council in Nay Pyi Taw on 17 March. The meeting was addressed by Chairman of the State Administration Council (SAC) Prime Minister Senior General Min Aung Hlaing in his capacity as the Chairman of the Financial Commission.
During the meeting, the Chairman of the Financial Commission Prime Minister Senior General Min Aung Hlaing made opening address as follows:
- The Union level organizations must draw up the budget for the financial year 2022-2023 based on the five-point roadmap and the nine objectives of the SAC following the policy and directives.
- As the seventy percent of the country’s population is rural people and their livelihood is based on agriculture and livestock businesses, the relevant governmental departments and organizations are urged to lead and provide in order to develop production processes based on agriculture and livestock with modern methods.
- This is the time to try to revive the country’s economy, the government’s spending must be able to support manufacturing, trading and services which are the key to economic development of the country.
- Our government will continue to increase its expenses for education, health, sports and social security for human resources development.It will also inevitably continue spending on healthcare, including vaccines as the COVID-19 pandemic has not completely eradicated.
- The country’s macroeconomic indicators call for striking a proper balance between the budget deficit and GDP ratio.Only then will the country be able to save itself in advance from the burden of internal and external loans.
Afterwards, the Vice-Chairman of the Financial Commission Deputy Prime Minister explained about the conditions on budget allocation and expenditure, and officials made presentation on the respective sectors respectively.
Then, the Chairman of the Financial Commission Chairman of the SAC Prime Minister stressed the following points:
- The country has already had basic needs such as land, water and human resources. Production of quality export items will increase foreign exchange income.
- As the SAC takes all State responsibilities, it is also paying special attention to the development of national economy. National prosperity and food sufficiency are the main aims.
- Under current circumstances, the enhancement of exports and scrutinization of imports are being prioritized. So, it is necessary to make efforts to boost production of local quality products as an import substitute.
- It is necessary to exactly follow the financial rules and regulations as well as tendering rules and regulations in spending the funds.
- The Prime Minister urged the Union, regions and states to work earnestly and successfully in the 2022-2023 FY in line with the budget laws by applying their public finance management skills looking for the interests of the State and the people.
The meeting was attended by the Vice-Chairman of the Financial Commission Vice-Chairman of the SAC Deputy Prime Minister Vice-Senior General Soe Win, Secretary of the Financial Commission Union Minister for Planning and Finance U Win Shein, Union Minister for Legal Affairs Dr Daw Thida Oo, Union Auditor-General Dr Kan Zaw and Deputy Minister U Maung Maung Win. At the same time, the Nay Pyi Taw Council chairman and Chief Ministers of regions and states participated in the meeting through videoconferencing.
- Our government will continue to increase its expenses for education, health, sports and social security for human resources development.
- As the COVID-19 pandemic has not completely eradicated, it will also inevitably continue spending on healthcare, including vaccines.
- The country’s macroeconomic indicators call for striking a proper balance between the budget deficit and GDP ratio. Only then will the country be able to save itself in advance from the burden of internal and external loans.
- As the SAC takes all State responsibilities, it is also paying special attention to the development of national economy. National prosperity and food sufficiency are the main aims.
- Under current circumstances, the enhancement of exports and scrutinization of imports are being prioritized. So, it is necessary to make efforts to boost production of local quality products as an import substitute.