The second Pyidaungsu Hluttaw began its 16th regular session yesterday, and members of the Joint Bill Committee and the Joint Public Accounts Committee presented legal and financial recommendations on the Union Supplementary Budget Allocation Bill presented by the Union Government.
In his opening remark, Pyidaungsu Hluttaw Speaker U T Khun Myat said that the prioritized issues will be discussed in two weeks, and he reminded the MPs that additional budgets for the projects included in the bills could not be scrutinized under regular process.
He also explained that healthcare services, transportation and accommodations for the Hluttaw representatives in line with the guidelines of COVID-19 measures.
Union Supplementary Budget Allocation Bill for 2019-2020FY
Deputy Minister for Planning, Finance and Industry U Maung Maung Win reported on the Union Supplementary Budget Allocation Bill with the approval of Finance Commission; and explained the Revised Estimates (RE) and the Budget Estimates (BE) drafted by the ministry.
He clarified the ministry approved on the proposed budgets to be spent for recovery of economic and social sectors caused by the COVID-19 crisis; the ministry will also prioritize on the budget proposal for the Ministry of Education, the Ministry of Health and Sports, the construction projects of Nay Pyi Taw Council from the General Revenue Fund (GRF), the Ministry of Defence Services for military expenditures and land compensations.
Joint Secretary of Joint Bill Committee Dr Myat Nyana Soe read out legal recommendation report on the Union Supplementary Budget Allocation Bill for 2019-2020 financial year, Vice Chairman of the Joint Public Accounts Committee U Aung Min presented financial recommendations on the bill.
Region/State Budget Estimate Bill
Deputy Minister U Maung Maung Win also discussed the need of budget estimate law that would be helpful for the Region/State governments in drawing, discussing and scrutinizing the budgets with their Hluttaws.
Dr Myat Nyana Soe read out the recommendation report of his committee on the Region/State Budget Estimate Bill.
IDA loan from World Bank
Deputy Minister for Health and Sports Dr Mya Lay Sein discussed the US$50 million loan from the International Development Association (IDA) from the World Bank. The proposal was sent by the President.
The Deputy Minister said that out of the proposed loan, $48.5 million will be used under the capital expenditure for buying necessary hospital equipment to be set up at intensive care units and oxygen treatments at the hospital, while the remaining $1.5 million under the revenue expenditure will be spent in system strengthening for clinical care capacity, other projects in capacity building, project management and monitoring and evaluation.
Deputy Minister U Maung Maung Win said the $50 million loan is under the programme of First Track COVID-19 Facility; in accordance with the rules of IDA 18 loans there will be 5 years of grace period and 25 years of repayment period with annual interest 1.25 per cent, 0.75 per cent of service charge per annum, and that the calculation on grant element for this loan is just 38.37 per cent.
He added that MoHS need to spend the possible loan in line with financial rules and to report progress report; the loan plan meets the existing laws of the country, medium-term debt management strategy, development aid policy, the MSDP (2018-2030), and the Goal 6 of COVID-19 Economic Relief Plan-CERP, and then he confirmed his ministry’s support on the loan plan.
Report of Myanmar Investment Commission for 2018-2019 FY
Union Minister for Investment and Foreign Economic Relations U Thaung Tun presented the Myanmar Investment Commission’s report for 2018-2019 financial year from 1 October 2018 to 30 September 2020.
$700 million loan from IMF
Deputy Minister U Maung Maung Win discussed the $700 million loan from the International Monetary Fund as the government has spent a lot of budgets to address COVID-19 crisis for business and social sectors, and has planned to get international loan with low interest rate instead of drawing out funds from the Central Bank of Myanmar.
He then sought approval of Pyidaungsu Hluttaw to get this loan as it meets the existing policies of the country.
Deputy Governor of CBM U Soe Min said that Myanmar has been informed to get IMF loan from $300 million to $700 million, and the CBM will coordinate with the Ministry of Planning, Finance and Industry after receiving the loan.
U Zaw Win, the member of Joint Bill Committee, read out findings and recommendations of his committee on the Road Safety and Vehicle Management Bill and the Industrial Zone Bill, sent by the President.
The Pyidaungsu Hluttaw Speaker announced to submit the name of MPs who want to discuss the bills.
The second day meeting will be organized on 21 May. —Min Min Zaw, Han Lin Naing/ Photo: Kyaw Zin Htike(Translated by Aung Khin)