Vice Chairman of State Administration Council Deputy Prime Minister Vice-Senior General Soe Win addresses coordination meeting on presenting budget of Union for financial year 2022-2023
NAY PYI TAW March 4
A coordination meeting on presenting the budget of the Union for financial year 2022-2023 was held at the State Administration Council Chairman’s Office in Nay Pyi Taw this afternoon with an address by Vice Chairman of Financial Commission Vice Chairman of SAC Deputy Prime Minister Vice-Senior General Soe Win.
Also present were Union Minister for Planning and Finance U Win Shein, Union Auditor-General Dr Kan Zaw, Deputy Minister U Maung Maung Win and officials. Officials of Union level departments and organizations attended the meeting through video conferencing.
The Vice-Senior General said the Union budget presented by MoPF in accord with State’s policies, financial rules, procedures will be scrutinized again after coordinating with Union level departments and organizations.
Global countries are facing unstable commodity, gold, oil and currency prices because of an economic downturn triggered by COVID-19 pandemic and rivalry between the powers. Countries like Myanmar are also experiencing its repercussions.
Tax relaxations and financial support programs have been carried out to overcome the challenges and hardships and as a way to assist the economy.
Additionally, the government also has expenses for necessary issues and economic resurgence.
The budget for the financial year 2022-2023 has been reduced and the securitization and distribution of expenses is based on income. Union level departments and organizations should prioritize the expenses for socio-economic development and regional progress and COVID-19 prevention, control and treatment undertakings.
Fuel oil imports are permitted in accord with the instructions for fuel oil use as a way to reduce foreign exchange expenditure and other expenses. The estimated volume of fuel oil allocated under the current expenditure of the financial year 2022-2023 budget is much smaller than the volume of the financial year 2020-2021 budget. Beginning April this year, the Union and region/state level officials will have to reduce their fuel oil use.
The main sectors for national economic development are being prioritized in allocating capital expenditure. Budget reduction has been carried out in accord with the directives for the financial year 2022-2023 budget of MoPF. Only the budget for matters required in accord with the regional situation and for security is being permitted.
After the budget proposals worked out and submitted in accordance with the requirements and notifications issued by the Ministry of Planning and Finance on 11 November 2021 were scrutinized based on seven criteria for ordinary
spendings and four criteria for capital spendings adopted as the fundamental principles by the Ministry of Planning and Finance, the budget proposals for 2022-2023 fiscal year for respective ministries are to be discussed today. In discussing so, it was found that unique spendings have been proposed to ten ministries including the Ministry of Legal Affairs, the Ministry of Agriculture, Livestock and Irrigation, the Ministry of Cooperatives and Rural Development, the Ministry of Transport and Communications, the Ministry of Industry, the Ministry of Commerce, the Ministry of Education, the Ministry of Health, the Ministry of Construction and the Nay Pyi Taw Council. In addition, quick-and-win spendings have been proposed to the Ministry of Agriculture, Livestock and Irrigation, the Ministry of Cooperatives and Rural Development and the Ministry of Industry in line with the state projects. Moreover, it is necessary to allocate the budget for organizing the Diamond Jubilee 75th Anniversary Independence Day without fail on 4 January 2023 as a state-level ceremony in its full essence with all seriousness.
As the budget proposals for 2022-2023 fiscal year examined and submitted by the Ministry of Planning and Finance will be submitted to the Financial Affairs Commission, union-level bodies and organizations are urged to point out the needs again.
Afterwards, Secretary of Financial Affairs Commission Union Minister U Win Shein reported on the overview of the budget proposals for 2022- 2023 fiscal year submitted by union-level bodies and organizations and Deputy Minister for Planning and Finance U Maung Maung Win reported on budget proposals for 2022-2023 fiscal year.
Then, Union Auditor-General Dr Kan Zaw explained matters related to the budgets.
After that, Member U Nyan Tun of the Constitutional Tribunal of Myanmar, Union Minister for Investment and Foreign Economic Relations U Aung Naing Oo, Deputy Minister for Information U Ye Tint, Union Minister for Agriculture,
Livestock and Irrigation U Tin Htut Oo and Union Minister for Social Welfare, Relief and Resettlement Dr Thet Thet Khaing reported on requirements for budgets of respective union-level bodies and organizations.
The secretary of the Financial Affairs Commission fulfilled the requirements.
Afterwards, the Vice-Senior General made concluding remarks, saying the budgets for 2022-2023 fiscal year which have been discussed with union-level bodies and organizations will be submitted to the Financial Affairs Commission in accordance with the constitution. It is necessary for ministries, which ask for supplementary budgets, to submit them in a timely manner. The budget proposals will be submitted to the State Administration Council with the approval of the Financial Affairs Commission before the budget law is enacted. Budget proposals submitted by unionlevel bodies and organizations include ordinary spendings as well as expenditure for economic recovery of the country.
Ordinary spendings include expenditure for transportation and electric power and energy as well as spendings that contribute to the manufacturing sector and for education, health and social protection that contribute to human resources development and spendings for agriculture and livestock breeding and rural development that will contribute to economic recovery of the country. In addition, budgets for the prevention, control and treatment of COVID -19 and construction of COVID -19 vaccine factory have been proposed. Budgets for resumption of stalled Myingyan Steel Mill and Pinpet Project of the Ministry of Industry have also been proposed to manufacture steel materials that are essential for construction work in the country, to reduce the spending of foreign exchange and to create job opportunities in the country.
It can also be seen that budgets have also been submitted for transportation, commerce and construction of infrastructure for sports and youth affairs.
Moreover, spendings for projects to be implemented with the actual foreign assistance and loans in the 2022-2023 fiscal year have been proposed. It is necessary for union-level bodies and organizations to implement projects successfully by spending the 2022- 2023 budgets in accordance with the policies of the state, five-point roadmap and nine objectives in respective sectors.
It is important to spend the budget funds in accordance with existing financial rules and regulations and directives and strictly abide by the findings and suggestions of the Office of the Union Auditor-General. Organizations that accept foreign loans are required to spend the funds effectively and it is vital for organizations and departments to exert efforts to earn revenues that exceed the targets. In conclusion, the Vice-Senior General +urged participants to exert all-round efforts for the economic recovery of the country and the meeting successfully concluded.