Union ministries and regional and state governments have to scrutinize the spending of additional budget on prompt development of the State economy and the socioeconomic development of entire people.
The Senior General pledged to arrange investments and fulfilment of other needs to operate agriculture and livestock-based businesses.
Chairman of the Financial Commission Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing said so at the Financial Commission meeting at the SAC Chairman’s Office in Nay Pyi Taw yesterday morning.
The Senior General disclosed that this meeting aims to approve the demand for the additional budget for the Union as well as regions and states in the 2024-25 financial year.
He underscored that 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.
He instructed Union ministries, and regional and state governments to scrutinize the spending of additional budget on prompt development of the State economy and socioeconomic development of the entire people.
He highlighted that the development of production can help increase the GDP of the State. As the development of agricultural, industrial, service and financial sectors are interrelated, efforts must be made for the improvement of agricultural and livestock sectors.
The Senior General pointed out that it is necessary to consider upgrading airports, repairing railways damaged by natural disasters, and learning opportunities and vocational learning for the offspring of Tatmadaw members and MPF members who sacrificed their lives and limbs in serving duties of State peace and stability and rule of law.
He pledged to arrange investments and fulfilment of other needs to operate agriculture and livestock-based businesses. Priority will be given to fulfil the basic needs of the people in Nay Pyi Taw as well as regions and states this FY and coming FY.
He stressed that relevant ministries and regional and state officials need to consider how to provide the full volume of inputs to the agricultural tasks.
The Senior General noted that chicken, pig, goat, cow and fish can be bred in relevant regions, if people really operate their businesses, these sectors can help ensure the food security of the region. Hence, special emphasis must be placed on the welfare of people from basic strata.
The Senior General stressed the need to efficiently allocate the additional budget to Union ministries, regions and states under financial rules and regulations without waste and loss.
Myanmar’s GDP is lower than that of neighbouring and regional countries, so Union-level organizations, regions and states have to strive for an increase in GDP.
Vice-Chairman of the Commission SAC Vice-Chairman Deputy Prime Minister Vice-Senior General Soe Win explained that the National Disaster Management Fund must be provided for rehabilitation for unexpected natural disasters and preventive measures against other disasters, and basic needs and management measures for displaced people and the cash assistance account from the additional budget of the Ministry of Planning and Finance was added with K275 billion. So, the additional budget bill was submitted to seek the approval of the Financial Commission.
Secretary of the Commission Union Minister U Win Shein reported on the additional accounts of the Union, the prepared estimated accounts and the additional budget of the Union for the 2024-25 financial year.
Union Minister for Legal Affairs and Union Attorney-General Dr Thida Oo and Union Auditor-General Dr Khin Naing Oo discussed measures related to the bill and measures to be taken in the future for the findings on the budgets.
The Nay Pyi Taw Council chairman and chief ministers of regions and states reported on their sectors. — MNA/TTA
