A meeting on the submission of the additional budget of the Union for the 2024-25 financial year took place at the office of the State Administration Council Chairman in Nay Pyi Taw yesterday afternoon, with an address by Financial Commission Vice-Chairman SAC Vice-Chairman Deputy Prime Minister Vice-Senior General Soe Win.

Speaking on the occasion, the Vice-Senior General said that the Head of State has given guidance to raise expenditures for defence and security measures, development of socioeconomic life of the people, State economy, development of agriculture and livestock sectors, smooth transport, development of standardised infrastructure, transport, electric power and energy sectors, education and health sectors for the development of human resources, domestic product production, operation of industries for foodstuffs and consumer goods, employment opportunities, and arrangements for holding the national level MSME expo and contest to turn out skilled workers in 2024-25 financial year.

He continued to say that estimated income amounted to more than K31,000 billion in 2024-25 FY and expenses were more than K39,000 billion. The approved budget totalled more than K35,000 billion but expenses, more than K41,000 billion. As the approved GDP was K155,543.534 billion, the ratio of the estimated budget to the deficit was 5.17 per cent and the approved budget to deficit was 3.91 per cent.

Concerning incomes, the Vice-Senior General explained that the income was earmarked to increase K4,070.364 billion in the estimated budget. Hence, the relevant ministries have to earn increased incomes in the coming financial years.

In spending measures, he noted that the estimated budget allowed more than K39,000 billion in past eight months of the financial year and more than K41,000 billion for the remaining four months. The meeting needs to scrutinize expenditures to be reduced and the surplus from it will be spent on related measures after Typhoon Yagi as quickly as possible, and these tasks must be done before 15 March following the guidance of the Prime Minister.

The Vice-Senior General invited all to discuss if they want to increase or reduce incomes and expenditures on the situations scrutinized by the Budget Scrutiny Committee.

Chairman of the Budget Scrutiny Committee for the Union and Regions and States SAC Member General Nyo Saw explained scrutiny over additional budgets of the Union and regions and states for the 2024-25 financial year in advance, process of scrutiny measures aligned with the policies adopted by the State, and increased expenditure for prioritized sectors.

Secretary of the Financial Commission Union Minister U Win Shein, Deputy Minister U Min Htut and Union Auditor-General Dr Khin Naing Oo reported on the progress of scrutinizing the additional budget of the Union for 2024-25 FY, estimated budget and approved budget, State-owned foreign currencies and estimated expense and approved budget, an allowed additional budget, and auditing over incomes and expense accounts.

Those from Union-level organizations and Union ministries participated in sectoral discussions with a supplementary discussion of the commission secretary.

The meeting ended with a remark by the Vice-Senior General who coordinated necessary measures.

The meeting was also attended by Union Minister Dr Myo Thein Kyaw and officials together with Union-level dignitaries, Union ministers, deputy ministers and officials through videoconferencing.

MNA/TTA

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