Departments and organizations are to strive for increasing the incomes to have surplus income against the target: Vice-Senior General

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Expenditures were allotted for operating Steel Mills in Myingyan and Pinpet for reducing the imported steelware and spending of foreign exchange and creating job opportunities for the local people, said Vice-Chairman of the Financial Commission Vice-Chairman of the State Administration Council Deputy Prime Minister Vice-Senior General Soe Win at the coordination meeting on submission of Union budget for the 2022-23 financial year at the office of SAC in Nay Pyi Taw yesterday afternoon.
Currently, the Vice-Senior General, in his address, said the global countries are facing the economic downtrend, declining prices of general commodities, world gold prices, oil price and fluctuation of currencies in power struggles of powerful countries and outbreak of COVID-19. These impacts affect Myanmar. Hence, the government allotted monetary assistance for respective sectors and eased revenue restrictions. The government spends the budget on surging the State economy.
In the 2022-23 financial year, the State allotted the budget depending on the income. Union level departments and organizations need to prioritize earmarking the expenditures for social-economic development and regional development, prevention, control and treatment of COVID-19.
The State arranges to reduce the expenditure for lesser spending of foreign exchange as fuel is imported abroad. Directives for use of fuel were issued and the use of fuel was allowed in accord with the scrutiny as of April 2022.
Gallons of fuel were earmarked for departmental officials, administrative and working measures were reduced in accord with the ordinary expenditure for the 2022-23FY, which was lesser than that of the 2020-21FY. Moreover, fuel for vehicles of Union level persons and region and state-level persons were also cut as of April 2022.
According to the directives of the Ministry of Planning and Finance in the 2022-23FY, the budget must be cut in line with the principles but it was allowed to spend the budget on regional situations and security measures.
Ten ministries are allowed to allot the special budgets and three more ministries are earmarked to implement the State projects. As a special issue, expenditure must be inserted into the budget without fail for holding the Diamond Jubilee Independence Day which falls on 4 January 2023.
Secretary of the commission Union Minister for Planning and Finance U Win Shein reviewed the budgets drafted by Union level departments and organizations for the 2022-23FY and Deputy Minister U Maung Maung Win reported on the budgets of the Union for the 2022-23FY. Union Auditor-General Dr Kan Zaw explained the measures related to the budgets.
In his concluding remarks, the Vice-Senior General stressed that the ministries wishing to add the budget amounts must hold coordination for submitting the budgets in time. The approvals for the budgets will be sought from the State Administration Council. The ordination expenditure will cover transport, electricity and energy, manufacturing, human resources, education, health and social protection sectors including agriculture and livestock as well as rural development. The expenditures were allotted for operating Steel Mills in Myingyan and Pinpet for reducing the imported steel ware and spending of foreign exchange and creating job opportunities for the local people.
The organizations taking foreign loans need to efficiently spend the loans. Departments and organizations are to strive for increasing their incomes to have an income surplus against the target. Union-level departments and organizations were urged to make efforts for surging the State economy in the 2022-23FY.—MNA

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