The government has set up the State economic promotion fund with K400 billion with one more plan to set up the MSME economic development fund: Senior General

 

I T is necessary to levy deserved taxes for the State and the people as local construction projects, agriculture and livestock businesses, CMP industries, manufacturing industries and tourism industries regain improvement, said Chairman of the Financial Commission Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing at the meeting 2/2022 of financial commission at SAC Chairman Office in Nay Pyi Taw yesterday afternoon.

In his speech, the Senior General said that the financial commission meeting 2/2022 must emphasize approving the demands of additional budgets by the Union and regions and states for 2022-23 FY and discussions for submitting the Union additional budget bill for 2022-23 FY with the recommendation of the financial commission to the State Administration Council.

The Ministry of Finance and Revenue first verified demands of additional budgets submitted by Union level departments and organizations as well as regions and states and the deputy prime minister checked them again. The additional budgets must be efficiently spent on the tasks contributing to the economic development of the State and regional development tasks.

The government has set up the State economic promotion fund with K400 billion with one more plan to set up the MSME economic development fund.

The Vice-Chairman of the Financial Commission Vice-Chairman of the State Administration Council Deputy Prime Minister reported on the verification of the additional budget for the 2022-23 financial year.

Secretary of the commission Union Minister U Win Shein reported on the additional budget for 2022-23 FY, the amended budget and the Union additional budget bill.

The chairman of Nay Pyi Taw Council and chief ministers of regions and states participated in the discussions, and Auditor-General of the Union U Tin Oo and commission secretary Union Minister U Win Shein reported on the spending of the additional budgets beneficial for the people, and implementation of national projects from April to September 2022-23FY.

Speaking on the occasion, the Senior General said projects must be implemented in line with the demands for additional budgets as amounts of local loans not actually spent are larger.

Encouragement must be given to manufacturing industries. Efforts must be made for manufacturing the products to meet the local demand and then to export the products to foreign markets. Whenever natural resources have been utilized, it is necessary to systematically conduct the environment so as to carry out continuous manufacturing.

The Senior General stressed the need to efficiently use water in agriculture, minimize the consumption of electricity and reduce the use of fuel. If people in individual reduce the use of fuel of a daily basis, spending of foreign exchange and the State finance can be reduced.

In conclusion, the Senior General said the Union’s additional budget bill will be approved in time in accord with Section 419 of the Constitution. Whatever challenges the country is faced with, efforts will have to be made for realizing two national policies: the prosperity of the State and the sufficiency of food with the concept that the strength of the nation lies within. In 2022-23 and 2023-24 FY, plans are underway to encourage agriculture, livestock and rural development for the socioeconomy of the people. Moreover, it is necessary to encourage the development of MSME industries.

The Senior General stressed the need for Union ministries and regional and state governments to efficiently spend the allotted additional budget for 2022-23 FY. Relevant ministries and organizations have to efficiently spend the additional budgets, timely complete the projects, ensure the completion of projects and spending of the budget in harmony, soonest hand over the budgets that cannot be spent till the end of the financial year, follow financial procedures and supervise the spending of the budget not to be wasted. Efforts must be made for earning income to meet the target and having a surplus income.

The Senior General continued to say that it is necessary to levy deserved taxes for the State and the people as local construction projects, agriculture and livestock businesses, CMP industries, manufacturing industries and tourism industries regain improvement. Officials need to raise the awareness of the people to dutifully pay taxes and make arrangements for them to have a smooth process of paying taxes.

The Senior General urged authorities of Union-level organizations and regions and states to efficiently spend the additional allotted budgets for the 2022-23 financial year to achieve success in their missions.

MNA

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