Optimizing State Funds: Ministries emphasize efficient, prudent expenditure

Senior General Min Aung Hlaing urged relevant ministries and organizations to efficiently spend additional funds and budgets allocated by the State without waste and strive to earn targeted incomes.
At the meeting 2/2023 of the Financial Commission at the SAC Chairman Office in Nay Pyi Taw yesterday afternoon, Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing stressed the need to strive to manage the allocated funds in line with the earmarked budget at the end of 2023-24 financial year and implement the projects on time.
The Senior General warned that the supplementary budget could be spent only when the State Administration Council has enacted the Union Supplementary Budget Allocation Law, and it is necessary to notice just four months for spending the allocated funds.
He stressed the need to spend the surplus funds that had emerged for various causes on the development projects in rural development, education, health, and transport sectors, which can be implemented in local currency kyats.
He underlined that as foreign currencies are spent on the import of cooking oil, it is necessary to increase the production of cooking oil at home to ensure oil sufficiency with the purpose of reducing spending FE on implementing the social objective: To spur the cultivation of oil crops to meet targeted production levels, thereby achieving domestic self-sufficiency in edible oil while striving towards the export of surplus oil.
Likewise, the Senior General continued that the Foreign Exchange Supervisory Committee scrutinizes fuel imports from abroad.
Moreover, the Senior General urged Union ministries and regional and state governments to effectively spend the allocated supplementary funds on regional development tasks and other measures contributing to booming the State economy in conformity with the needs of the people, adding that they have to manage the implementation of projects, timely completion and no waste of the funds.
The Senior General pointed out that regional and state governments have to emphasize increased manufacturing in their regions to increase incomes, encourage the boost of production in agriculture and livestock sectors in implementing the state policies, contribute to employment opportunities for rural people and increase their revenues.
The Vice-Chairman of the Commission Deputy Prime Minister presented his reports that despite no involvement in the allocated initial funds, the commission approved the extra cash assistance for the welfare of service personnel starting from October 2023, costs for rehabilitation of damaged buildings in the cyclonic storm Mocha, and expense for the construction of 34 one-storey RCC buildings at 34 industrial, agriculture and livestock high schools in 2024-25 academic year. The Union government allowed cash assistance and allocated income revenues to regions and states. He sought approval from the commission for the supplementary budget law and the Union Supplementary Budget Allocation Law for the 2023-24 financial year.
Secretary of the Commission Union Minister U Win Shein, Union Minister for Legal Affairs Dr Thida Oo and Union Auditor-General Dr Khin Naing Oo, Union ministers and officials discussed the Union Supplementary Allocated Budget, the Approved Budget and the Union Supplementary Budget Allocation Law for the 2023-24 financial year, and audit findings on the budgets of Union level organizations, ministries, region and state governments and future tasks.
The Financial Commission Meeting 2/2023 aimed to approve supplementary budgets for Union-level organizations and regions and states for the 2023-24 financial year. Upon completion of approvals, the Union government will submit the Union Supplementary Budget Allocation Law for the 2023-24 financial year to the State Administration Council for approval. — MNA/TTA