Efficiently spend State budget on essential projects

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Currently, global countries are experiencing the downtrend of the economy in the power struggle of superpower countries which trigger the instability of prices in general commodities, gold, oil and depreciation of Myanmar kyats in the forex process.
Such impacts also hit the small and least developed countries including Myanmar. Hence, the government eased revenue restrictions for assisting in the operation of businesses on one hand in order to overcome the challenges while providing monetary assistance to respective sectors.
Despite bringing loss to the year-wise income of the State, the government adopts the plans to spend its funds on the surge of the State economy and that of the private sector without fail.
The Financial Commission formed by the government overviews various arenas for earning incomes through levying the taxes flowing into the State budget to be allotted to the region and state governments and to be managed to implement the national level projects benefiting the people across the nation.
Due to the aforesaid root causes, the government reduced to earmark the State budget based on its incomes in the 2022-23 financial year. Depending on the availability of funds, the government allots its budget to Union level authorities and relevant governments. Union level organizations should prioritize the measures to earmark the expenditures to be spent on socio-economic development of the State, regional development tasks, and prevention, control and treatment activities of the COVID-19 pandemic.
Especially, the government decided to cut the spending of foreign exchange on the import of fuel as prices of fuel are hiking day by day because of international instability. Moreover, the government issued the directives for efficient use of fuel for relevant departments and departmental heads as of April 2022 for minimizing waste and loss of fuel according to the thrifty process depending on the income situation of the nation.
As the Ministry of Planning and Finance adopted the seven points for the current expenditure sector and four more points for the capital expenditure sector to scrutinize the budgets, drawing the budgets should give coverage to important projects and plans in compliance with the relevant financial restrictions and basic principles.
Now, global countries are facing financial problems based on global political issues. Myanmar is facing impacts of global issues as well as disadvantages of terrorism at home. Hence, the entire people need to cooperate with the government in controlling the country on the right track to a peaceful and prosperous goal.

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