Only when union ministries and region and state governments can fully earn incomes meeting the targets in the financial year will they have the chance to fully spend the targeted expenditures, said Chairman of the Financial Commission Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing at the financial commission meeting 1/2023 at SAC Chairman Office in Nay Pyi Taw yesterday afternoon.
Speaking on the occasion, the Senior General said that the budget for the 2023-24 financial year will contribute to the implementation of the five-point roadmap and 12 objectives of the Union government.
Departments and enterprises need to earmark the approximate budget for 2023-24 FY, strive for earning incomes exceeding the target income so as to balance the budget deficit, prioritize the expenditure for quickly contributing to the economic development of the State and enhancement of socioeconomic life of the people and systematically very other expenditures.
A plan was prioritized to pay back loans and interests of the State to foreign countries as a responsible country.
Only when union ministries and region and state governments can fully earn incomes meeting the targets in the financial year will they have the chance to fully spend the targeted expenditures. The Senior General urged financial commission members to discuss the Union budget and the Union budget bill for 2023-24 FY so as to submit them to the State Administration Council in time.
Vice-Chairman of the Financial Commission SAC Vice-Chairman Deputy Prime Minister Vice-Senior General Soe Win made a speech, saying that the finance provided by the Union was yearly allotted to regions and states in a correct ratio in line with the mid-year financial framework and six socioeconomic indexes.
Commission Secretary Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein reported on the Union budget for 2023-24 FY and the Union Budget Bill. The Auditor-General of the Union also clarified findings in auditing the budget in 2022-23 FY, reviews and requirements to follow the financial rules and regulations.
In conclusion, the Senior General noted that the 2023-24 FY Union budget and the Union Budget Bill have been approved. It will be submitted to the SAC via the Union government for enacting the Union Budget Law for 2023-24 FY.
The Senior General stressed the need for heads of departments to supervise the spending of the allotted fund and levy the taxes as incomes of the State under the law. Relevant ministries are to strive for increasing the incomes of State-owned enterprises.
It is necessary to constantly supervise the implementation of projects in conformity with the budget and to systematically accept auditing over incomes and expenses.
The government encourages the modernization of agriculture and livestock farms, the development of rural regions and the improvement of MSME businesses. While allocating the budget comprising agriculture and livestock businesses, the government set up the State economic promotion fund, Covid-19 special loan fund and MSME development fund so as to fulfil the requirements of capital for these businesses.
The Senior General called for the development of domestic products, becoming the exporter country from the importer, ensuring local oil sufficiency, creating job opportunities for the people and increasing per-capita income.
In the past, the Senior General recounted that the trade deficit depended on lesser manufacturing at home and reliance on imported goods. Currently, the government encourages manufacturing at home and tries to resume the operation of halted State-owned industries. Manufacturing quality consumer goods in larger quantities can help reduce spending on foreign exchange.
The government has increased the expenditure for generating electricity which plays a key role in the development undertakings of the State. On the other hand, the Senior General noted that relevant regions and states are to conduct feasibilities for generating electricity. Relevant ministries and organizations need to increase generating electricity and supervise minimizing loss and waste of electricity. —MNA/TTA