January 16, 2018

A Socio-Economic Reform

  • The proposal for changing Myanmar Budget Year was approved in the 6th session of 2nd Pyidaungsu Hluttaw held in October 2017. Concerning this, the President of the State addressed the arrangements to be carried out by respective sectors at the National Planning Commission meeting 1/2018 and Finance Commission meeting 1/2018 held on 9th January 2018.
    Myanmar fiscal year, which runs from 1st April to 31st March, has been being used consecutively in the times of the previous regimes in Myanmar. Yet, starting from the coming fiscal year 2018-2019 it will be designated as Myanmar Financial Year Period from 1st October to 30th September. Such a change must be said to be a remarkable reform in the economic sector in the reign of the civilian government.
    In re-designating the financial year, the remaining period between the present financial year 2017-2018 and the new fiscal year 2018-2019 is the 6-month transitional period. Plans for bridging fiscal year gap—policies, objectives, process and prioritization programs will be implemented by promulgating 6-month national planning law.
    The Myanmar Budget Year Change was made with a view to bringing about the benefits of the nation and its national populace. In doing so, the transitional period is of great importance. The objectives of 6-month transitional planning are the ones to be urgently performed and the ones to be arranged in advance for the new financial year.
    As regards the financial year change, it was found that former planning and finance process did not agree with the then parliamentary election system and administration system. In addition, there were requirements not only in the projects but also in people’s socio-economic lives, hence the need to collectively make effort for successful national development.
    With the change of Myanmar Budget Year Period, it need not suspend agricultural routines during June to November because of Myanmar’s season and rains. As a result, there will be no longer delays in the open season of Myanmar. And the end of budget will never coincide with long public holidays, causing jobs and monetary flows to easily run.
    In the past, production was hurriedly made to keep up with the end of budget year so qualities of the products were under-qualified. The unfinished works had to be carried to next year. Now Myanmar fiscal year will be adaptable to international practices of finance systems and people in agricultural sector will have time enough for preparation in monsoon season. As for construction site, they can avoid monsoon season.
    Accordingly, we must collectively make efforts for success of budget year change, assuming that the 6-month transitional period of budget year change is an important initiative for a change.

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