October
23, 2017
In
the second day meeting of 2nd Pyidaungsu Hluttaw 6th regular session, matters
of changing Myanmar financial year sent by the State President, matters of
getting loans from Myanmar Central Bank, report on the implementation of
monetary policy FY 2015-2016, report on the situations of stability of monetary
system and report on the implementation of Myanmar Investment Commission were
discussed by parliamentarians.
As
regards the matter of changing Myanmar financial year sent by the State
President, Lt Colonel Thaung Sein, Tatmadaw Hluttaw representative said,
“Provided that a system of great importance for the nation will be changed,
consultations should be made with economists with the professional expertise
from external spheres, responsible officials on compilation of budget from
respective ministries, authorities who deal with budget affairs from
departments, retired veterans and other intellectuals and scholars. When budget
period will be designated into a new one, a government cannot find it difficult
in implementing its tasks only if it will take office for the second tenure.
Instead, if a new government will take office for the next tenure it will
surely find it difficult as it may meet delays and hindrances in implementing
the tasks more than the situations when the incumbent government had received
its duties from the former government because of changing budget the
ex-government compiled, reformation of ministries. If the financial year which
had been exercised for 43 years are essentially to be changed, Region and State
Governments and the ministries should find solutions after taking time to
discuss with respective organisations and interested persons concerning
advantages and disadvantages of the financial year presently being used. A
financial system which had been used for long should not be changed urgently.”
Getting
loans from CBM to refill budget deficit
MPs
also discussed the matter for getting loan from the Central Bank of Myanmar for
refill the budget deficit of the Union Government Budget Allocation for FY
2017-2018.
Daw
Cho Cho, of Oat Twin constituency said, “Whenever there is a deficit in the
union budget, we should not rely on getting loans from home and abroad.
Instead, it is necessary for national income to go fully into the Union’s
finance fund. For the long-lasting national development we are now implementing
in every way. In such a time, it is necessary to specifically carry out
acquisition of full tax and revenues, for tax-payers to pay tax to the full as
assessed and for malpractices of tax evasion and reduction of the amounts in
paying tax not to come into existence. On the other hand, it is necessary to
take legal action against the staff who still exercise malpractice—bribery and
corruption so that people’s tax can go into the Union Finance Fund.”
She
added, “When there is a deficit in the union budget, it is very important for
all the national income to fully go into the Union Finance Fund so as to reduce
borrowing from home and abroad as least as possible and to be able to refill
the deficit. And, so as not to appear any wastage of people’s finances it is
necessary for respective ministries to supervise accurately in dividing
budgets. It also needs to meet designated quality in implementing the tasks and
to be free from bribery and corruption.”
Concerning
the matter, Hluttaw representatives discussed respectively. Following that,
parliamentarians discussed as regards the report of implementation of monetary
policy FY 2015-2016 and the report on the situation of monetary system
stability.
Afterward,
Dr Thet Thet Khaing of Dagon constituency discussed, “Study of trade situation,
FY 2015-2016, debit and credit of foreign exchanges and situation of foreign
exchange rate is also a study of given statements for the new government which
commenced to take office on 1st April 2016. Due to raising up interest rates by
the American Federal Bank in December 2015, American dollars became
strengthened, hence the drop in value of Myanmar currency—Kyat to some extent,
it was learnt. Compared to major trade partner countries of Myanmar, inflation
rates are higher and Myanmar currency rates are dropping, hence competency of
export was found to fail to have reached the satisfactory stage.”
She
added, “For foreign currency flow to be smooth and for exchange rates to avoid
plunging and skyrocketing of exchange rates, Myanmar Central Bank is helping
private banks by selling and purchasing the dollar through competitive auctions
of foreign currency. But during the period FY 2015-2016, net sale amount
reached US $ 98 million, it was found. According to the situations on trade in
FY 2015-2016, situations on credit and debit situation of foreign exchange and
situations on foreign exchange rates, it is necessary to make Myanmar currency
strong and to increase foreign income of Myanmar. For this, it is necessary to
raise export sector and thence to produce products which can go through foreign
markets or services.”
MPs
discuss MIC’s report on its performances
Concerning
the report of the performances of Myanmar Investment Commission during the
period—1st April 2016 to 31st March 2017, parliamentarians discussed
respectively.
U
Khin Cho of Hlinebwe constituency said, “In allowing investment projects, out
of 9 objectives of Myanmar Investment Commission, job opportunity, development
of human resources, development of sectors in production, service and trade
with high efficiencies, development in agriculture, livestock breeding and
industrial sectors and objectives of freedom from dangers of natural and social
environments are practically found to be weak, hence need to find ways and means
to refill the needs. Concerning foreign investment, out of 45 countries, China,
Singapore and Thailand are found to have invested 66 percents of all foreign
investments. In the FY 2016-2017 51 new enterprises invested US $ 770.325
million and K 1459 billion. It is learnt that added amount of investment of the
existing 18 enterprises reached US $ 22.218 million and K 114 billion. As for
investment, 11 kinds of business till 30th September 2016 include real estate,
production, transport, hotel and tourism. Mostly, investments go into
agriculture and livestock breeding. So, it needs to find ways for more
investments to come into the country.”
Following
that, representatives discussed respectively.
3rd
day meeting of 2nd Pyidaungsu Hluttaw 6th regular session will continue to be
held on 24 October.
Ref;
The Global New Light of Myanmar
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