Senior General Min Aung Hlaing underscored that it is necessary to manage deficit and GDP radio in the appropriate amount to ensure stability of the macroeconomy and the State’s long-term economic development.
Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing, who is also in the capacity of Chairman of the Financial Commission, delivered a speech at the meeting of the Financial Commission at the SAC Chairman’s Office in Nay Pyi Taw yesterday afternoon.
At the meeting, the Senior General said that the meeting aims to discuss and approve the budget of the Union and the Union Budget Bill drafted for the 2025-26 financial year. Ministries, Nay Pyi Taw Council, regions and states have to spend the prioritized expenditure for relevant sectors and regions to implement three economic objectives of the State.
He continued that departments and organizations prioritize spending of the State fund on infrastructural roads and bridges, supply of electricity, transport, export promotion, import substitute, and job creation which can directly contribute to the development of the country.
Concerning implementation against the targets in relevant financial years, the Senior General highlighted that the State managed 71.78 per cent of incomes and 77.06 per cent of spending in 2020-2021 FY, 96.10 per cent of incomes and 84.25 per cent of spending in the six months from October 2021 to March 2022, 104.96 per cent of incomes and 90.78 per cent of spending in 2022-23 FY, 97.03 per cent of incomes and 89.32 per cent of spending in 2023-24 FY, and 71.11 per cent of incomes and 59.55 per cent of spending till January of 2024-25 FY.
He urged departments and organizations to strive to exceed the income target in the financial year. The allocated funds must be scrutinized and spent efficiently for the State during the set period. Only when they implement the projects directly benefiting the people during the set period will the State have socioeconomic development.
He noted that it is necessary to manage deficit and GDP radio in the appropriate amount to ensure the stability of the macroeconomy and the State’s long-term economic development. A plan has been set to achieve K171,498 billion of GDP with a three per cent economic development rate in the 2025-26 FY.
The Vice-Chairman of the Financial Commission Deputy Prime Minister said that it has been reviewed and planned to obtain the full receipt of entitled revenues, the implementation of tax rates that align with the current era, the complete collection of allocated funds, the recovery of outstanding debts from previous years, and the acquisition of feasible foreign loans and international aid.
He added that for emergency funds related to natural disaster prevention, rescue, and rehabilitation, as well as the livelihood and administrative affairs of displaced persons, a total of K215 billion has been allocated: K200 billion from the Union budget and K15 billion from regional and state budgets, including Nay Pyi Taw Council.
He recounted that the Financial Commission has reviewed and approved the Union’s budget bill for the 2025-2026 financial year, including financial allocations to regions and states. Based on these estimates, the Union Budget bill has been prepared and submitted for approval.
Secretary of the commission Union Minister U Win Shein reported on the Union budget for 2025-26 FY and the Union Budget Bill for 2025-26 FY.
Union Minister for Legal Affairs and Attorney-General of the Union Dr Thida Oo discussed legal recommendations for the bills whereas Union Auditor-General Dr Khin Naing Oo talked about the findings of the budget and recommendations.
The Nay Pyi Taw Council chairman and chief ministers of regions and states participated in the discussions.
In his response, the Senior General said that budget allocations were raised for home affairs, defence, health and education sectors. The funds must be spent on relevant sectors benefiting the State and the people. The budget was allocated to enhance the capacity and power of the defence forces similar to the international arena.
The Senior General called for the implementation of generating electricity from solar power. Businesspersons have also to generate electricity as much as possible to meet the demand for electricity in the nation.
In his concluding remarks, the Senior General highlighted that the budget for the 2025-26 FY allows stipends for students and allowance for degrees of teachers in the education sector.
Moreover, he underlined that the budget comprises necessary expenditures for the establishment of more agriculture and veterinary science universities, construction of recreation centres of universities, implementation of solar-powered water pumping projects and enhancement of the socioeconomy. Moreover, the budget will be allocated for the construction of roads and bridges, and electrification projects.
The Senior General urged ministries and regional and state governments to strive to fully levy revenue under the existing laws.
Also, present at the meeting were Commission Vice-Chairman SAC Vice-Chairman Deputy Prime Minister Vice-Senior General Soe Win, Secretary of the Commission Union Minister for Planning and Finance U Win Shein, Union ministers, the Auditor-General of the Union, deputy ministers, and the chairman of Nay Pyi Taw Council together with chief ministers of regions and states through a videoconferencing.
MNA/TTA
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