August 20, 2016

President chairs financial commission meeting

President U Thein Sein addresses coordination meeting of Financian Commission. Photo: MNA
President U Thein Sein addresses coordination meeting of Financian Commission. Photo: MNA

PRESIDENT U Thein Sein addressed the Financial Commission’s second meeting in Nay Pyi Taw yesterday, focusing on allowances and ex penditures agreed by the union budget.
As Chairman of the Financial Commission, the president spoke of demanding additional budget allowances for 2015-16 fiscal year, stating that the exchange gap between the dollar and the kyat led to budget deficits.
The exchange rate stood at K1,020 to the US dollar at the time the budget was drawn up and rose to K1,285 by the time additional budget allowances were being requested, he said. He pledged to increase expenditure on ongoing projects for rural development, power supplies, education and health.
He said that inflation is a problem for Myanmar and many other countries around the world, and that it hurts macroeconomic growth. The president said that additional expenditures are unavoidable given the costs of recovery and rehabilitation measures being taken in areas hit by natural disasters in July and August.
The president quoted the International Monetary Fund and the World Bank as stating that Myanmar is regarded as moderate in terms of its level of debt resistance. He stressed the need maintain the status quo by receiving foreign loans with adequate scrutiny and managing local loans.
President U Thein Sein called for the effective use of budget allowances and the early return of unused budget allowances, urging officials to pool ideas for the additional budget bill.
Vice Presidents Dr Sai Mauk Kham and U Nyan Tun gave briefs on additional budget allowances for ministries and local governments. Union Minister U Win Shein explained the additional budget allowance and its renewed estimated budgets for the 2015-16 fiscal year.—Myanmar News Agency


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