Financial Commission Chairman SAC Chairman Prime Minister Senior General Min Aung Hlaing addresses Financial Commission meeting 1/2024
Produce goods based on farming activities well-established in regions and states to ensure production growth and local job opportunities
Nay Pyi Taw March 21
The Financial Commission held the meeting 1/2024 at the meeting hall of the Office of Chairman of State Administration Council here this afternoon, addressed by Financial Commission Chairman SAC Chairman Prime Minister Senior General Min Aung Hlaing.
Also present were Commission Vice Chairman SAC Vice Chairman Deputy Prime Minister Vice-Senior General Soe Win, Secretary Union Minister for Planning and Finance U Win Shein, Union Attorney-General Union Minister for Legal Affairs Dr Thida Oo, Union Auditor-General Dr Khin Naing Oo, the Nay Pyi Taw Council chair and deputy ministers. Region/state chief ministers attended the meeting through video conferencing.
In his opening address, the Senior General said the Union Government must try to hit the target income and expenditure of the whole financial year as appropriated in realizing the union budget for financial year 2024-2025. The State has given special priority to the development of the farming sector and MSME sector in successfully implementing the two national goals – national prosperity and food sufficiency.
The Union budget law and region/state budget law were enacted as the financial policy for the success of the nation’s economic objectives and national task. SAC was able to systematically manage and control expenditure of COVID-19 prevention, treatment and control and is trying to redevelop the national economy that was in a downturn due to COVID-19.
As regards the financial matters, Union ministries and region/ state governments should overcome possible hardships based on the experience of the previous financial year to achieve the goal.
Priority sectors of the FY 2024- 2025 budget include expenses for health and education for human resources development, electricity generation, better transport, and technical, agricultural and livestock schools. The government expenditure must be properly checked and priority must be given to expenses that directly or indirectly benefit national peace and stability, the rule of law, and economic development In order to send the Union budget for FY 2024-2025 and the Union budget bill to SAC through the government in time, the commission members should approve them through collective discussions.
Afterwards, the Vice-Senior General said FY 2024-2025 budgets of Union levels departments and organizations and regions and states were submitted after they had been properly examined by the relevant budget scrutiny bodies and all levels of committees. Expenses that provide immediate benefits for human resources development, infrastructure development, electricity sufficiency, and multi sector development and national economic growth were mainly approved.
As in the previous financial years, FY 2024-2025 has already approved the emergency funds appropriated for prevention of unforeseeable natural disasters, relief and rehabilitation, basic needs and arrangements for displaced persons, and national disaster management funds.
The Commission secretary reported on the Union budget for FY 2024-2025 and FY 2024-2025 budget law.
Then, Union Minister for Legal Affairs Dr Thida Oo reported on the union budget for 2024-2025 fiscal year and the budget bill for the fiscal year while Auditor General of the Union reported on tasks that should be carried out in the future based on findings on the budgets of union-level organizations, ministries, and region and state governments.
Afterward, the chairman of the Nay Pyi Taw Council and chief ministers of regions and states reported on related matters.
After hearing the reports, the Senior General said it is especially necessary to job opportunities for local residents by boosting production of local products based on established agriculture and livestock breeding tasks in respective regions and states.
Moreover, economic projects must be carried out successfully and efforts must be made to meet targets. In creating job opportunities, quality products must be manufactured based on MSMEs not only to fulfill local needs but also to export the surplus.
In carrying out manufacturing tasks, efforts must be made for mass production and not only agriculture but also livestock breeding tasks must be carried out. Major meat and fish like breeding chickens, pigs, goats, cows and fish is thriving in regions and states. Similarly, vegetables and industrial crops can be grown there. If such agriculture and livestock breeding tasks can be carried out successfully, production can be boosted.
Union ministries are required to spend state funds effectively and beneficially. Similarly, relevant ministries are required to exert efforts to revenues fully.
In carrying out tasks, if success can be achieved by coordinating and applying existing administrative and law enforcement and the rule of law mechanisms, progress can be made in respective regions and states. As progress can be made in regions and states, development of the country can be realized, everyone is required to cooperate and consult with each other.
Then, the Senior General made concluding remarks, saying while the SAC has been exerting efforts to realize the five-roadmap and the nine objectives, responsible officials at different levels are required to place emphasis on effective spending and meeting the targets in a timely manner in accordance
with the needs of the country and the people. Administrative level officials are required to supervise not only the operations of the relevant departments but also financial management and supervision in accordance with existing financial rules and regulations.
Emergency funds for the 2024-2025 fiscal year has been approved more than previous years due to climatic and conditions. Moreover, surplus budgets returned to GRF funds due to tasks that could not be carried out due to local situation in the 2023-2024 fiscal year have been permitted to spend on education, health and construction as special issues and the funds must be spent in accordance with rules and regulations.
Region and state governments are required to make efforts to collect revenues fully in addition to budget allocation of the union. As region and state budgets are drawn based on balanced budgets, it should be aware that will they be able to spend sufficiently only when they can collect revenues fully.
In conclusion, the Senior General urged union ministries and region and state governments to exert efforts to supervise budget allocations for 2024-2025 fiscal year effectively and successfully in accordance with the five-roadmap and the nine objectives.