Preparations must be made for minimizing risks in implementing the projects after taking lessons on advantages and disadvantages, said Chairman of the National Planning Commission Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing at the meeting 1/2022 of the National Planning Commission at the SAC Chairman Office in Nay Pyi Taw yesterday afternoon.
In his address, the Senior General said the new financial year will be implemented from April to March. All undertakings in the new financial year must be put on record with boldness. Preparations must be made for minimizing risks in implementing the projects after taking lessons on advantages and disadvantages.
The 2022-2023 financial year’s national plan is based on the five-year national development project framework. Coming governments need to take responsibility for adjusting such a framework must with annual plans. The State Administration Council will implement the projects for sufficiency of basic needs for the people and road-map of the State during the state of emergency.
The State Administration Council will implement the projects for sufficiency of basic needs for the people and road-map of the State during the state of emergency.
In the coming year, the Senior General pledged to emphasize manufacturing and services contributing to the economic development and ensure sufficiency of basic needs for the people.
Relevant ministries and region and state governments need to encourage the timely completion of the projects which are earmarked with the fund in the coming financial year. Moreover, the Senior General noted that it is necessary to implement the project with the Union and region and state funds with responsibilities and accountabilities.
As part of implementing the short-term COVID-19 vaccine production plan in the coming financial year, the government has been allowed to produce Sinopharm COVID-19 vaccine through ready to the full bulk system from China in order to cut spending of foreign exchange.
… as the national planning law for 2022-2023FY will be enacted, preparations must be undertaken before the enactment of the law. The stability of the macroeconomy is crucial, and the stability of prices for foodstuffs and personal goods must be supervised. The allotted expenditure for the projects must be systematically spent, and efforts must be made fully levying the reserved taxes.
Only when domestic production is insufficiency, it is necessary to consider the import of goods. Moreover, products must be qualified for competing in the market by cutting unnecessary costs. Efforts must be made for balancing the demand and supply in the market.
Relevant ministries need to coordinate the resumption of the suspended factories for successful manufacturing. State-owned enterprises must take responsibility for manufacturing quality products to meet the domestic demand with high service.
Encouragement must be given to those wishing to actually put investments in Myanmar with a smooth process. Relevant departments need to address the security and difficulties of investors in a short time. Action must be taken against those who hinder the new investors.
Not only the economy but human resources is playing a key role in the development of a country. Parents, teachers and students are to join hands in implementing the KG+9 scheme for compulsory education in cooperation with social organizations. Hence, emphasis must be placed on the enhancement of teachers’ capacity.
Priority must be given to the implementation of the projects leading to the State’s economic development and the tasks benefiting the people. The projects must be implemented on priority.
Vice-Chairman of the National Planning Commission Deputy Prime Minister Vice-Senior General Soe Win said that based on data from relevant union ministries and regions and states, the Ministry of Planning and Finance set an aim to have 4.3 per cent of economic development rate for the five-year national plan. MACRO economy of Myanmar in the 2022-2023 financial year set aims to have K123,933,741.9 of GDP at 3.7 per cent of growth rate depending on 55.8 million population, in addition to growing rate 2.3 per cent of the agricultural sector, 4.0 per cent for the industrial sector and 4.1 per cent of the service sector. According to the year-wise prices, it is necessary to earmark 22.9 per cent to 22.7 per cent in the agriculture sector, 37.1 per cent to 37.4 per cent in the industrial sector and 40.0 per cent to 39.9 per cent in the service sector of GDP.
Priority must be given to the implementation of the projects leading to the State’s economic development and the tasks benefiting the people. The projects must be implemented on priority.
In implementing the national plans, it is necessary to consider not only social-economic status but foreign impacts, economic and political stability of partner countries as well as further inflow of FDI, trade production, and strengthening and safety of laws, rules and disciplines.
Secretary of the commission Union Minister for Planning and Finance U Win Shein reported on the drafting of the five-year proposal framework and the 2022-2023FY national plan. Union ministers and the Auditor-General of the Union presented sector-wise plans of relevant ministries and organizations.
In his response to the reports, the Senior General said that arrangements must be made for the supply of inputs on time. The funds must be spent in line with the procedures. It is necessary to cut the import of foodstuffs and personal goods for reducing the foreign exchange requirement in order to raise the monetary value of the country.
In his address, the Senior General said that as the national planning law for 2022-2023FY will be enacted, preparations must be undertaken before the enactment of the law. The stability of the macroeconomy is crucial, and the stability of prices for foodstuffs and personal goods must be supervised. The allotted expenditure for the projects must be systematically spent, and efforts must be made fully levying the reserved taxes. If so, the ratio of budget deficiency to the GDP will be minimized. The projects must use the locally-used Kyat and the actual expenditure from the allotted budget must be paid. The 2022-2023FY national plan must be implemented in the prescribed ways. — MNA
