SAC Chairman Prime Minister Senior General Min Aung Hlaing addresses meeting 6/2023 of Economic Committee of the Republic of the Union of Myanmar
Nay Pyi Taw July 26
The Economic Meeting 6/2023 of the Republic of the Union of Myanmar was held at the SAC Chairman meeting hall this afternoon, with an address by SAC Chairman Prime Minister Senior General Min Aung Hlaing. It was also attended by council members Admiral Tin Aung San, Lt-Gen Moe Myint Tun, U Shwe Kyein and U Maung Ko, Union ministers, Union level officials, deputy ministers and officials together with region and state chief ministers through video conferencing.
First, the Senior General made an opening address, saying that the government encouraged promotion of the State economy.
The incomes of the State comprise three portions: ordinary income, loans and cash assistance.
After taking the State responsibilities, the government did not borrow any loans. As some foreign aid was received in late 2022, some projects could be implemented.
In reviewing the above-mentioned measures, it can be seen that the internal finance and economy of the State totally depends on the internal strengths.
In the past, the country relied on the internal strength for promotion of the State economy.
It comprised manufacturing and sales of natural resources.
In its tenure, the government restricted sales of natural resources as much as it can.
Hence, the government is striving for manufacturing more products to promote the State economy.
State economy developed in the past periods to some extent, and it is expected to increase more progress. The GDP of the State grew 3.4 percent in 2022- 23 financial year, and it expects to reach 4 percent in 2023-2024 FY. If current manufacturing can be operated actually, more progress can be obtained. As such, the downtrend status of the economy could escape in 2020-2021 FY.
The Senior General stressed the need to operate production which is sure to secure the market shares. As Myanmar is an agro-based country, manufacturing of products based on agriculture and livestock farms will have the chance to meet the demand of food security for the world. If such businesses of certainty can be operated, it is believable that the State economic will obtain greater progress. The Senior General recounted that he had instructed chief ministers of regions and states to enhance production in relevant regions and states. If so, State economy will actually increase.
With regard to utilization of farmlands, the Senior General said that as cultivable lands are being used on other ways, it cause loss to the State agricultural tasks. Although governments in successive eras solved it, such a problem has been happening till today. It is necessary to correctly manage land utilization, and all measures must be done under the prescribed laws.
As cooking oil is imported abroad to meet the local oil demand yearly, it spends a large sum of foreign exchange. Hence, encouragement is being given to cultivation of oil crops such as beans, sesame and sunflower and upgrading the oil mills. The Senior General ordered all to ensure oil sufficiency from 2025.
Fuel is also imported abroad yearly. So, public transport and generating electricity from renewable energy are being encouraged to reduce fuel consumption.
The Economic Committee must take accountability for the government and the government must take accountability for the State Administration Council. As such, the Senior General stressed the need for the committee to emphasize discussions on promotion of the State economy.
Then, Secretary of the committee Union Minister for Planning and Finance U Win Shein made a report.
Afterward, chief ministers from states are regions made reports on respective sectors.
Then, Union Minister for Planning and Finance U Win Shein and Union Minister for Investment and Foreign Economic Relations Dr Kan Zaw reported on finance affairs and field trips to entrepreneurs and economic cooperation with international organizations respectively.
Union Minister for Agriculture, Livestock and Irrigation U Min Naung, Union Minister for Industry Dr Charlie Than and Union Minister for Commerce U Aung Naing Oo reported on rubber cultivation, upgrading of industries for generating electricity by using gas from chaff and trade respectively.
Union Minister for Legal Affairs Dr Daw Thida Oo made a report on reviewing business agreements from the legal perspective After hearing the reports, the Senior General said it is necessary to carry out tasks correctly and incomes will increase if rubber raw materials can be processed. As generating electricity by using gas from chaff is appropriate for Myanmar, relevant ministries are required to implement such plans. In trade, only when there are manufacturing industries, will export goods be available and it is necessary to boost production.
Research on the international market must be conducted constantly to get access to the export markets for agricultural and livestock products of the country.
Then, the Senior General made concluding remarks, saying respective ministries are required to take measures to fully run their operations.
As the tasks being carried out by the government serve national development and the public, it is necessary to carry out them successfully by balancing incomes and spending.
New Ks-20,000 banknotes will be issued within the set limits.
The government does not have deficits and money circulation has struck a balance between revenue and spending. The new banknotes will be issued only as a commemoration. Money circulation in the country has returned to normal and banks have received large sums of deposits. The issuance of Ks-20,000 banknotes will not lead to inflation completely.
There are political attacks to cause economic chaos. Businesses of the government aim to contribute to development of the country rather than gain profit but it is inappropriate for them to suffer losses. The economic committee plays an important role boosting the national economy and it is necessary to focus on boosting the national economy. In conclusion, the Senior General urged all to carry out tasks in the interests of the country.
The meeting concluded at 7.30 pm.