Financial Commission Meeting (2/2023) was held at the meeting hall of the Office of the Chairman of the State Administration Council in Nay Pyi Taw on 15 December and Chairman of the Financial Commission Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing delivered an address at the meeting. The following points are as follows:
- Additional budgets of the Union and regions and states for fiscal year of 2023-2024 will be approved by the commission during the Financial Commission meeting.
- After the additional budgets have been approved, the union government will submit the bill for the additional budgets to the SAC for its approval.
- Union Ministries and region and state governments are required to scrutinize the additional budget proposals thoroughly to prevent seeking excessive amounts and returning parts of them because they cannot be spent fully.
- Moreover, additional budgets in foreign currencies must be proposed only for spending that must be paid in foreign currencies in the fiscal year and items that cannot be purchased locally.
- Region and state governments are urged to find ways and means to generate their own revenues without relying only on budgets allocated by the Union.
- Union ministries and region/state governments need to use the supplemental funds approved by the Union for regional development activities that meet the needs of the respective regions and people and activities that will facilitate the economic development of the country.
- The supplementary budgets for the fiscal year of 2023-2024 and the Union’s bill for additional budget allocation are to be submitted to seek approval by the financial commission.
Next, Commission Secretary Union Minister U Win Shein, Union Minister for Legal Affairs Dr Thida Oo, Union Auditor-General Dr. Khine Naing Oo, the Nay Pyi Taw Council chairman and region/state chief ministers reported on their relevant sectors. Regarding their reports, the Senior General highlighted the following points:
- In the use of funds, it is necessary to use what is really needed in accordance with the procedures. The excess funds of the State can be used for the development of the country. As such, only activities that can actually be implemented need to be carried out.
- It is necessary to implement all the tasks that can be carried out with local currency in carrying out tasks for development of the country with the reserve funds allotted due to various reasons.
- Union-level Ministries and chief ministers of states and regions are to spend the budget beneficially in the tasks for development of the country.
- The Foreign Exchange Supervisory Committee scrutinizes and supervises the importation of fuel from abroad. As for the government sector, it is necessary to spend foreign exchange under special scrutiny.
- Union Ministries and governments of regions and states are urged to make efforts and work together for development of the nation’s economy.
- All are urged to effectively and efficiently spend the allocated budget by the State including the supplementary funds granted now without any waste, and concluded the meeting.
Also present at the meeting were Vice Chairman of the Financial Commission Vice Chairman of the State Administration Council Deputy Prime Minister Vice-Senior General Soe Win, Secretary of the commission Union Minister for Planning and Finance U Win Shein, Union Minister for Legal Affairs Dr Thida Oo, Union Auditor-General Dr Khin Naing Oo and Deputy Minister U Maung Maung Win while the chairman of the Nay Pyi Taw Council and chief ministers of regions and states participated in the meeting via video conferencing, it is reported.
Source: Myawady Daily Newspaper (16-12-2023)
- Union Ministries and Region and state governments need to use the supplemental funds approved by the State for regional development activities that meet the needs of the respective regions and people and activities that will facilitate the economic development of the country.
- In the use of funds, it is necessary to use what is really needed in accordance with the procedures. The excess funds of the State can be used for the development of the country. As such, only activities that can actually be implemented need to be carried out.
- Union-level Ministries and chief ministers of states and regions are to spend the budget beneficially in the tasks for development of the country.
- Union Ministries and governments of regions and states are urged to make efforts and work together for development of the nation’s economy.