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February 27, 2018

Transparency, strict adherence to law needed in projects: President

The Finance Commission meets in Nay Pyi Taw yesterday, with President U Htin Kyaw (Right) and State Counsellor Daw Aung San Suu Kyi. Photo: MNA

Regional and State governments need to decide which projects should be prioritized and it should also consider how much it will benefit the people. Then the expense of the projects should be in the bill of the state budget, said U Htin Kyaw, President of the Republic of the Union of Myanmar and the Chairman of the Finance Commission.
Since the project works of the ministries and Region and State Governments will change in the coming 2018-19 financial year, discussion of the projects should be made frankly and to revise the budget in line with the targets of the projects, the President said.
The Ministry of Planning and Finance has drawn up the budget and the Medium Term Fiscal Framework. It is now estimating expenses for departments and institutions and the Union Government is designating additions to Regional and State budgets.
“The 2017-18 budget was endorsed by the Financial Commission and the Pyidaungsu Hluttaw has scrutinized and approved after reducing some amount from the allotted budget. Then the President gave guidance to the Union, Region and State governments to collect what the government should get to the full amount according to the plan in the respective financial year. Moreover, It needed to be transparent, accountable and to strictly follow the rules and regulations in inviting the tender for construction and procuring the materials” the President added.
The President also said that ministries should coordinate with other ministries to make sure there was no overlapping of projects.

Government mulls change to Financial Year

“The four-month rainy season comes after the Financial Year which starts on 1st April and it causes hindrances to the development of the country,” said the President.
He also stressed the need to seek ways for overcoming challenges that can arise when the Financial Year is changed to the period starting from October and ending in September.
Regarding calculating the budget deficiency, State Counsellor Daw Aung San Suu Kyi stressed the need to use an analytical method to calculate the budget deficiency though the majority prefers using the accounting method.
She also stressed the need to discuss the plan for changing the financial year with the Pyidaungsu Hluttaw, expressing her willingness to change the period for the financial year.
She also urged the regional and state parliaments and governments to coordinate with each other in the interests of the people as there were some different opinions over the plan.
President U Htin Kyaw also called on the regional and state governments to effectively spend the allocated budgets on the projects in attempts to reduce the budget deficiency.
“Region and state governments are urged to assess the results of their efforts for the projects and to give priorities to projects which the governments can implement,” said the President. The meeting was also attended by Vice-Chairman of the Financial Commission Vice President U Myint and U Henry Van Thio, the Union Attorney-General, Union Attorney-General, Chairman of the Nay Pyi Taw Council and Chief Ministers of the regions and states.


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