Local consumption of fuel needs to be reduced as much as possible to reduce spending on foreign exchange and avoid higher charges, said Vice-Chairman of Financial Commission Vice-Chairman of the State Administration Council Deputy Prime Minister Vice-Senior General Soe Win at the coordination meeting on the submission of the Union budget for the 2023-24 FY at the SAC Chairman Office in Nay Pyi Taw yesterday afternoon.
In his speech, the Vice-Senior General said that Union level organizations, Union ministries and Nay Pyi Taw Council are to discuss necessary measures of the earmarked budget of the Union under the financial rules and regulations based on the five-point road map and 12 objectives of the SAC.
Now is the time the infection of Covid-19 can be completely controlled. So, domestic businesses are being operated as usual. Hence, it is expected that income would be earned in the 2023-24 financial year more than the 2022- 23 FY. Allotment of expenditure will depend on earned income in the 2023-24 FY, and all need to properly control the budget deficit.
The government will spend the budget on salaries and allowances of public service personnel, wages, maintenance charges, social protection costs and ordinary expenditures and infrastructure costs. Hence, expenditures for education and health sectors, agriculture, livestock and transport can help develop the socioeconomic life of the people, and the development of electric power and energy sectors on priority.
About fuel consumption, the Vice-Senior General noted that now is the time the prices of fuel across the world is rising. Hence, local consumption of fuel needs to be reduced as much as possible to reduce spending on foreign exchange and avoid higher charges. This year, the Vice-Senior General underscored that fuel consumption will be scrutinized not only for administrative measures but for industries. Ordinarily, the use of fuel will not be allowed for the construction of new offices and staff housings but it depends on regional situations as well as security measures.
The Vice-Senior General urged some ministries to openly discuss the instructions of departmental heads and the additional reports. It was known that the Ministry of Planning and Finance has comprehensively coordinated the planned budgets of departments and enterprises. But, those departments and enterprises have a chance to amend the budgets based on work requirements if necessary.
Secretary of the Financial Commission Union Minister U Win Shein reported on budgets for 2023-24 FY submitted by Union level departments and organizations whereas Deputy Minister U Maung Maung Win presented reports on the Union budget for 2023-24 FY.
Auditor-General of the Union U Tin Oo explained auditing measures over the incomes and expenditures. All meeting participants discussed their budget accounts and the financial commission secretary focused on supplementary discussions.
The meeting ended with a concluding remark by the Vice-Senior General. — MNA/TTA
