Chairman of the State Administration Council (SAC) Prime Minister Senior General Min Aung Hlaing, in his capacity as the Commission Chairman, delivered a speech at the Financial Commission Meeting which was held at the meeting hall of the SAC Chairman Office in Nay Pyi Taw on 27 November.
During the meeting, the Commission Chairman the SAC Chairman Prime Minister delivered a speech as follows:
- The financial commission has to approve the demand for the additional budget for the Union as well as regions and states in the financial year of 2024-25. After the completion of the approval process, the additional budget appropriation bill for the 2024-25 FY of the Union will be submitted to the SAC for approval through the union government.
- As the additional budget requested by departments and organizations can be used only after the SAC has approved them in accordance with the additional budget appropriation bill, only the expenses for the projects that can be completed before the end of the FY should be demanded. Moreover, it needs to complete the processes in time.
- In order to remedy the economic impact of certain cases, manufacturing based on agriculture and livestock, the main manufacturing of the country, must meet their target.
- Only when domestic production increases will import volumes be reduced and will spending foreign currency decline. Only then, domestic currency circulation improves and it will contribute to the stability of the State’s monetary sector.
- Union ministries and regional and state governments have to scrutinize the spending of additional budget on prompt development of the State economy and socioeconomic development of the entire people.
- Union ministries and regional and state governments should strive to meet the GDP targets that are related to expenses.
Next, the Vice-Chairman of the Commission SAC Vice-Chairman Deputy Prime Minister highlighted that the additional budget requested by union-level department and organizations for 2024-25 FY is submitted to the Financial Commission in accordance with the Constitution. Following this, Secretary of the Commission Union Minister U Win Shein and officials reported on the additional accounts of the Union, the prepared estimated accounts and the additional budget appropriation bill of the Union for 2024-25 FY.
After hearing the reports, the Senior General highlighted the following points:
- GDP of Myanmar is lesser than neighbouring countries and regional countries, and union-level organizations and regions and states have to strive for increase of the GDP.
- As prices of basic foodstuffs depend on natural disasters this year and hiking the prices of inputs, people from the lower strata are facing difficulties.
- As agricultural water plays a key role in agricultural tasks and raising double cropping, it is necessary to utilize rain-fed, irrigation water, river and creek water, and underground water for agricultural tasks.
- To facilitate smooth transportation for the public, it is necessary to take upgrading airports and repairing railroads damaged by natural disasters into consideration.
- It is also necessary to consider learning opportunities and vocational learning for the offspring of Tatmadaw members and Myanmar Police Force members, as well as, retired service personnel who sacrificed their lives and limbs in serving duties of State peace and stability and rule of law.
- Rehabilitating measures must be taken for damage caused by natural and man- made disasters. As necessary budgets will be allocated, the tasks must be carried out by assessing the needs.
- The government will have to arrange investments and fulfilment of other needs to operate agriculture and livestock-based businesses. Therefore, concerted efforts must be made by respective ministries, regions and states.
- Priority will be given to fulfil the basic needs of the people in Nay Pyi Taw as well as regions and states.
- Each government employee has been allowed to receive additional allowance of 30,000 kyats per month in addition to monthly salary and furthermore, they have received next additional monthly allowance of 30,000 kyats starting 1 August 2024. Moreover, retired government employees who performed duties of the country have been allowed to receive the monthly financial support of 30,000 kyats since 1 August, 2024.
- So far, union ministries and regional and state governments have to coordinate and cooperate with each other in implementing the spending of additional budget for the 2024-25 FY, to complete tasks to be carried out in the relevant fiscal year in accordance with qualities and standards, and to supervise to prevent wastes and losses of the State finance.
Also present were Vice-Chairman of the Commission SAC Vice-Chairman Deputy Prime Minister Vice-Senior General Soe Win, Secretary of the Commission Union Minister for Planning and Finance U Win Shein, union ministers, the union auditor-general, deputy ministers and the Nay Pyi Taw Council chair. Region/state chief ministers attended the meeting through videoconferencing.
Source: MWD (28-11-2024)
- Only when domestic production increases will import volumes be reduced and will spending foreign currency decline. Only then, domestic currency circulation improves and it will contribute to the stability of the State’s monetary sector.
- Union ministries and region/ state governments have to scrutinize the spending of additional budget on prompt development of the State economy and socioeconomic development of the entire people.
- As agricultural water plays a key role in agricultural tasks in the rise of double cropping, it is necessary to utilize rain-fed, irrigation water, river and creek water, and underground water for agricultural tasks.
- The government will have to arrange investments and fulfillment of other needs to operate agriculture and livestock-based businesses. Therefore, concerted efforts must be made by respective ministries, regions and states.
- Each government employee was allowed to receive additional allowance of 30,000 kyats per month in addition to monthly salary and furthermore, they have received next additional monthly allowance of 30,000 kyats starting 1 August 2024. Moreover, retired government employees who performed duties of the country have been allowed to receive monthly financial support of 30,000 kyats since 1 August, 2024.
- Union ministries and regional and state governments have to complete tasks to be carried out in the relevant fiscal year in accordance with qualities and standards, and to supervise to prevent wastes and losses of the State finance.