Chairman of State Administration Council Prime Minister Senior General Min Aung Hlaing Addresses the Financial Commission’s Meeting 1/2024

The Financial Commission held the meeting 1/2024 at the meeting hall of the Office of Chairman of State Administration Council on 21 March, addressed by Financial Commission Chairman SAC Chairman Prime Minister Senior General Min Aung Hlaing.

During the meeting, Financial Commission Chairman SAC Chairman Prime Minister Senior General Min Aung Hlaing said the following points:

  • The Union Government must try to hit the target income and expenditure of the whole financial year as appropriated in realizing the union budget for financial year 2024-2025.
  • Priority sectors of the FY 2024- 2025 budget include expenses for health and education for human resources development, electricity generation, better transport, and technical, agricultural and livestock schools.
  • The government expenditure must be properly checked and priority must be given to expenses that directly or indirectly benefit national peace and stability, the rule of law, and economic development.

Afterwards, the Vice-Senior General said that the commission especially approved the costs for human resources development, infrastructure development, electricity sufficiency, and multi sector development and national economic growth were mainly approved.

The Attendees reported on the Union budget for FY 2024-2025 and FY 2024-2025 budget law.

After hearing the reports, the Senior General said:

  • It is especially necessary to job opportunities for local residents by boosting production of local products based on established agriculture and livestock breeding tasks in respective regions and states.
  • In creating job opportunities, quality products must be manufactured based on MSMEs not only to fulfill local needs but also to export the surplus.
  • In carrying out manufacturing tasks, efforts must be made for mass production and not only agriculture but also livestock breeding tasks must be carried out.
  • Union ministries are required to spend state funds effectively and beneficially. Similarly, relevant ministries are required to exert efforts to revenues fully.
  • Emergency funds for the 2024-2025 fiscal year has been approved more than previous years due to climatic and conditions.
  • Surplus budgets returned to GRF funds due to tasks that could not be carried out due to local situation in the 2023-2024 fiscal year have been permitted to spend on education, health and construction as special issues and the funds must be spent in accordance with rules and regulations.
  • Region and state governments are required to make efforts to collect revenues fully in addition to budget allocation of the union.
  • As region and state budgets are drawn based on balanced budgets, it should be aware that will they be able to spend sufficiently only when they can collect revenues fully.

Also present were Commission Vice Chairman SAC Vice Chairman Deputy Prime Minister Vice-Senior General Soe Win, Secretary Union Minister for Planning and Finance, Union Attorney-General Union Minister for Legal Affairs, Union Auditor-General, the Nay Pyi Taw Council chair and deputy ministers. Region/state chief ministers attended the meeting through video conferencing, it is reported.

Source: MWD (22-3-2024)

  • The government expenditure must be properly checked and priority must be given to expenses that directly or indirectly benefit national peace and stability, the rule of law, and economic development.
  • Quality products must be manufactured based on MSMEs not only to fulfill local needs but also to export the surplus.
  • Emergency funds for the 2024-2025 fiscal year has been approved more than previous years due to climatic and conditions.
  • Surplus budgets returned to GRF funds due to tasks that could not be carried out due to local situation in the 2023-2024 fiscal year have been permitted to spend on education, health and construction as special issues and the funds must be spent in accordance with rules and regulations.
  • As region and state budgets are drawn based on balanced budgets, it should be aware that will they be able to spend sufficiently only when they can collect revenues fully.
engdate: 
Sunday, March 24, 2024 - 10:30
month: 
March, 2024