Vice-Senior General Soe Win said that the budget is systematically spent on respective sectors on priority in order to promote State economy and improve socioeconomic life of the people.
Vice-Chairman of the Financial Commission Vice-Chairman of the State Administration Council Deputy Prime Minister Vice-Senior General Soe Win unveiled systematic spending of the budget at the coordination meeting on submitting the additional budget of the Union for the 2023-24 financial year, held at the office of the SAC Chairman in Nay Pyi Taw yesterday afternoon.
He continued that the budget was allotted on time for rehabilitation in remedying loss and damage caused by cyclonic storm Mocha which hit Rakhine on 14 May 2023, adding service personnel dutifully serving their assignments of State duties were allowed to enjoy the additional allowance starting from October 2023 for easing their daily difficulties.
The Vice-Senior General unveiled that the Union Budget Law for the 2023-24 financial year was approved on 31 March 2023 and such a law is under implementation.
He underscored that Union-level departments and organizations may have other possible incomes in the financial year in addition to the estimated incomes mentioned in the law whereas they can face more compulsory expenditure in addition to the expenses mentioned in the law. Hence, the additional budget is scrutinized at different levels under the Constitution.
He pointed out that the departments and organizations which demand the additional budgets have to spend the allotted funds after the State Administration Council has enacted the Union Additional Budget Law.
The Vice-Senior General highlighted that the budgets demanded by departments and organizations have been scrutinized at different levels and these were also systematically verified by the Union and Region State Budget Advance Scrutiny Committee formed under the guidance of the Head of State.
According to the report of the Ministry of Planning and Finance, he continued to say that demanding the budget prioritized revenue to the State, cash amount to the State, additional allowance for service personnel, expenses for security, and construction projects to be completed in the financial year and these budget demands were scrutinized for relevant expenses with the least requirements.
The Vice-Senior General explained that in observing the original estimated budget of the Union for 2023-24 financial year, the whole country’s GDP was K138,195.703 billion, and the comparison of GDP with budget deficit hit 5.65 per cent.
He noted that after relevant scrutiny bodies have checked the GDP, the final finding showed GDP value does not change but the ratio of budget deficit to GDP could be reduced from 5.65 per cent, to 5.31 per cent.
Chairman of the Union and Region or State Budget Scrutiny Committee SAC Member Lt-Gen Nyo Saw made clarifications on advance scrutiny of the additional budgets for the 2023-24 financial year for the Union and region/state.
Commission Secretary Union Minister U Win Shein, Union Auditor-General Dr Khin Naing Oo and Deputy Minister U Maung Maung Win reported on their respective sectors. Those from Union-level organizations and Union ministries discussed financial matters.
The meeting was also attended by Union-level persons, Union ministers, deputy ministers and officials through videoconferencing. — MNA/TTA
Salient points in speech of Vice-Senior General Soe Win at meeting on submitting additional budget of the Union for the 2023-24 FY
Service personnel dutifully serving their assignments of State duties were allowed to enjoy the additional allowance starting from October 2023 for easing their daily difficulties.
Budgets demanded by departments and organizations have been scrutinized at different levels.
mBudget demands were scrutinized for relevant expenses with least requirements.
The whole country’s GDP was K138,195.703 billion in 2023-24 financial year.
