Chairman of Financial Commission Chairman of State Administration Council Prime Minister Senior General Min Aung Hlaing addresses Financial Commission meeting 2/2022

Chairman of Financial Commission Chairman of State Administration Council Prime Minister Senior General Min Aung Hlaing addresses Financial Commission meeting 2/2022

NAY PYI TAW November 24

    The Financial Commission held meeting 2/2022 at the State Administration Council Chairman’s Office here this afternoon, addressed by Chairman of the commission Chairman of State Administration Council Prime Minister Senior General Min Aung Hlaing.

Vice Chairman of the commission SAC Vice Chairman Deputy Prime Minister ViceSenior General Soe Win, Secretary Union Minister for Planning and Finance U Win Shein, Union Minister for Legal Affairs Union Attorney-General Dr Daw Thida Oo, Union Auditor General U Tin Oo and Deputy Minister U Maung Maung Win were also present. The Nay Pyi Taw Council chairman and chief ministers of regions and states participated in the meeting through video conferencing.

In his speech, the Senior General said the meeting is held to approve addition funds for Financial Year 2022-2023 requested by the Union and regions and states and to submit further budget allotment bill for FY 2022-2023 to SAC through the Union government together with the approval of the commission.

The Deputy PM had already inspected the addition funds requested by Union level departments and organizations after the first inspection conducted by Ministry of Planning and Finance.

Likewise, the ministry and the Deputy PM had already checked the addition funds requestedby regions and states.

Union level departments and organizations and region/state governments should effectively use the funds in development undertakings and programs that support national economic growth to meet the public aspirations.

The State has already set up national economic development funds with Ks-400 billion.

It will set up a fund for development of MSMEs soon. The government’s approval of the addition funds, funds for disbursing COVID-19 special loans, national economic development fund, and MSME development fund is to recover the national economy that was in a downturn due to COVID-19.

The Vice-Senior General explained the inspection process of the request for additional funds for Financial Year 2022-2023.

The commission secretary reported on the bills on the addition funds, the corrected estimated balance sheet and further budget allotment of the Union.

The Nay Pyi Taw Council chairman and region/state chief ministers took part in the discussions. The Union Auditor General reported on effective use of the addition funds by departments and organizations to serve the public interest and supervision for completion of tasks in time, the commission secretary on the progress in implementing the national plans and work programs by Union level organizations and regions and states during the first six months of FY 2022-2023 and requirements.

In response, the Senior General said addition funds were asked due to requirements.

Regions and states are also asking for the funds. It is found that regions and states have redeposit activities and incomplete programs. Loan amounts have increased due to the snowballing cash withdrawals that cannot be actually used. Hence, they must truly implement their work programs as stated in the applications for funds.

Encouragement must be given to the businesses based on manufacturing industries for the State to earn income. Efforts must be made for systematically and efficiently utilize existing underground and aboveground natural resources of the State under the law.

Manufacturing of products must be encouraged and it is necessary to strive for  Improving themselves from the status of importer to exporter by manufacturing the products meeting the local demands. Whenever natural resources have been extracted, environmental conservation measures must be taken systematically for ensuring the continuous manufacturing process.

With regard to the thriftiness, as water plays a key role in agriculture, water must be systematically utilized without waste.

Regions and states must implement the river water pumping projects whereas damming water must be systematically used. It is necessary systematically consume electricity. The country’s electricity demand may be larger, and the State is striving for implementation of the electrification projects to meet the local demand. As the State is making efforts for meeting the local demand of electricity, consumers need to reduce waste consumption of electricity.

Moreover, the Senior General stressed the need to reduce consumption of fuel. At present, prices of fuel are high across the world. If the capital to be used in purchase of fuel is spent on public transportation through electric energy, it will be more efficient. Hence, rail transportation sector is being improved for ensuring smooth transport of commodities and passengers. Among waterway,

road transport and aviation transportation, waterway transport is the cheapest. If all the people reduce daily use of fuel across the nation with own conscience, spending amount of foreign exchange can be reduced.

Spending of State finance can be reduced. Officials need to raise awareness of the people and organize them to pay back the agricultural loans from regions and states and left necessary discussions.

In conclusion speech, the Senior General said as the Union and Region and State Additional Budget demand list for 2022-2023 financial year reported by secretary of the commission Union Minister for Planning and Finance at the meeting, the changed amount of the cash assistance from the Union level to regions or states, and approval of the Union additional budget for 2022-23 FY have been discussed and approved, these must be submitted to the State Administration Council via the Union government. And, the approval and enactment of the Union additional budget bill will be undertaken in time under the Section 419 of the Constitution.

As outbreak of COVID-19 across the world and military and political crises of world’s powerhouse countries, increasing of general product prices based on instability of world’s gold prices and oil prices, rising of inflation rate and US dollar affect decline of domestic currencies of other countries, they face many challenges in efforts for economic development.

Whatever challenges are faced, efforts will be made for implementation of two national policies: prosperity of the nation and sufficiency of food in line with the concept: the strength of the nation lies within. It is necessary to encourage improvement of agriculture and livestock sectors and rural development so as to quickly develop socio-economic life of the people in 2022-2023 FY and 2023-2024 FY. Moreover, MSME businesses must be encouraged for gaining development.

It is necessary to reduce import volume as much as possible and substitute use of domestic products as a vision.

Union ministries and region/ state governments are urged to efficiently spend their budgets including additional ones approved for the 2022-2023 FY before the end of the fiscal year. The State is allotting budgets for implementation of projects and businesses in line with the Union and Region/State Budget laws. The Ministry of Planning and Finance is compiling and presenting reports as to whether the approved budgets could be efficiently spent as scheduled.

The Union Budget Law for 2022-2023 FY has already stated capital budgets and budgets for implementing projects while the respective region and state budget laws have approved capital budgets for regions and states.

The ministries and organizations that have demanded supplementary budgets are to spend them effectively and complete their tasks on schedule.

It is necessary to ensure a balance between work progress and spending and quality, return the funds that could not have been spent, work in accord with the financial rules and procedures and take supervisory measures to prevent loss and waste. Efforts must be made to earn income as earmarked and even surpluses. Due to the COVID-19 pandemic, the State is relaxing or suspending taxes and increasing loan settlement periods for the sake of the public.

With construction, agricultural and livestock breeding, CMP, manufacturing and tourism businesses in the country that have revived again, efforts must be made to collect taxes and revenues the State and the people deserve.

Responsible officials are to work together in motivating public taxpayers to pay their taxes and facilitating taxation process.

The Union level organizations and region and state governments are urged to efficiently spend their additional budgets for 2022-2023 FY in accordwith the  supplementary budget spending laws and try to achieve success in their business transactions. Then, the meeting came to a close.