Senior General Min Aung Hlaing emphasized it is necessary to beef up the manufacturing of domestic products based on agriculture and livestock farms in regions and states to increase job opportunities for local people.
The Financial Commission meeting 1/2024 took place at the SAC Chairman Office in Nay Pyi Taw yesterday afternoon, with an address by Chairman of Financial Commission Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing.
In his speech, the Senior General disclosed that budget allocation will be increased for education, health, electricity generation, transport, and industrial, agricultural and livestock high schools in the 2024-25 financial year.
He continued that priority must be given to spending costs on the peace and stability of the State, the rule of law and contribution to economic development.
He stressed that Union ministries have to coordinate with regional and state governments to efficiently spend state finance to achieve success in relevant regions through administrative mechanisms and law enforcement bodies.
The Senior General noted that the Union Budget Law and the Region and State Budget Law have been enacted as the financial policy to ensure the success of the economic objectives of the State and national visions.
It is necessary to manufacture mass products in the agriculture, meat and fish sectors. Successful production of agriculture and livestock farms will help increase output not only for local consumption but for export purposes, he added.
According to the climatic condition in 2024-25 FY, the Senior General revealed that the emergency fund 2024-25 FY will be raised more than the previous financial year, adding the commission allows spending the general return fund-GRF on education, health and construction sectors under the financial rules.
He urged regional and state governments to fully collect revenue as only when they can earn all amounts of income can they spend the budgets and funds entirely.
Financial Commission Vice-Chairman SAC Vice-Chairman Deputy Prime Minister Vice-Senior General Soe Win said that the commission especially approved the costs for human resource development, supply of electricity, and State economic promotion fund. Funds have been approved for unexpected natural disasters, rescue and rehabilitation, the emergency fund to fulfil basic needs and administration for internally displaced people, and the national disaster management fund in 2024-25 FY, similar to previous financial years.
Secretary of Financial Commission Union Minister U Win Shein, Union Minister for Legal Affairs Dr Thi Da Oo and Union Auditor-General Dr Khin Naing Oo explained the Union Budget for the 2024-25 financial year and the 2024-25 FY Union Budget Bill, the Union supplementary budget, prepared budget and the Union Supplementary Budget Allocation Bill, and future processes based on findings in auditing the budgets of Union-level organizations, ministries, and region and state governments.
Also present at the meeting were the Nay Pyi Taw Council chairman, deputy ministers and officials. — MNA/TTA
