State will amend financial year from 1 April to 31 March starting from the 2022-2023 financial year: Vice-Senior General

Allotted budgets must be systematically spent in line with the financial rules, 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 to submit the budgets of regions and states for the six months from October 2021 to March 2022 at the State Administration Council Chairman Office in Nay Pyi Taw yesterday afternoon.
Speaking at the meeting, the Vice-Senior General said that the State will amend the financial year from 1 April to 31 March starting from the 2022-2023 financial year. A six-month budget period will be designated as the interim budget period from October 2021 to March 2022. Restrictions and prohibitions for current prevention, control and treatment of COVID-19 and political disturbances affected the State economy, causing the decline of earning taxes for the State. No matter how many challenges the Provisional Government of the State faces, efforts are being made to fulfil the socio-economic requirements of the people.
The Vice-Senior General stressed the need to emphasize the spending of expenditures based on the fund to be allotted by the Union and incomes from respective areas on prevention and control of COVID-19 in regions and states, development tasks such as the construction of roads, bridges, electrification and water supply for the people and directly or indirectly benefiting the manufacturing sector.
Priority must be given to the implementation of the unfinished projects and the projects mainly required for the people. The six-month budget must be spent within the set period. It is necessary to implement the regional projects in connection with the Union ministerial projects through the Union budget, region and state funds, foreign loans and cash assistance in addition to arranging the cooperation between the government and the private sector.
Secretary of the financial commission Union Minister U Win Shein reported on provisions on region and state budgets in accord with the Constitution and prioritized tasks.
After reviewing the reports, the Vice-Senior General gave the concluding remarks, saying that as the six-month budget was allotted for the interim period, all need to spend it together with the Union cash assistance.
The Provisional Government of the State is overcoming the challenges based on the outbreak of COVID-19 and politics related economic pressures. On the other hand, these are challenges for the people. The government must overcome these challenges through the united strength of departmental personnel and the people.
The allotted budgets must be systematically spent in line with the financial rules. The Vice-Senior General urged all to scrutinize and reduce the unacceptable expenditures in order to develop the regions and states while trying to resurge the State economy. —MNA

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