Coordination Meeting: Union Supplementary Budgets for 2023-2024 Fiscal Year

A coordination meeting on the submission of the supplementary budgets for the Union's 2023-2024 fiscal year took place at the State Administration Council Office in Nay Pyi Taw on Thursday.

Vice Chairman of the Financial Commission, Vice Chairman of the State Administration Council Vice Senior General Soe Win attended the meeting, delivering a speech highlighting the thorough scrutiny process that the submitted budgets underwent.

He said the allocated expenses have been systematically spent on priority sectors for the socio-economic development of the people and the advancement of the state economy. The supplementary budget primarily covers areas such as taxation, state budget allocation, staff incentives, security measures, and construction projects. Vice Senior General Soe Win mentioned that the GDP for the 2023-2024 fiscal year is over 138,000 billion kyats, with a 5.65% deficit ratio.

However, after the scrutiny process by relevant organizations, the deficit ratio has been reduced to 5.31%. He urged departments and organizations seeking supplementary budgets to openly report any circumstances affecting the implementation or changes in budgetary needs.

He added that the approval sought during the meeting will lead to further discussions with Region/State Chief Ministers, proceeding to the Financial Commission led by the Prime Minister. Afterwards, Chairman of the Committee on Scrutinizing the Estimated Budget for the Union Territory and Region/State Lt-Gen Nyo Saw, along with Secretary of the Commission U Win Shein and Union Auditor General DrKhinNaingOo, reported on the scrutinizing process and audit procedures.

The meeting included sector-wise discussions by Union level organizations and Union Ministers, elaborated by the Commission Secretary. Vice Senior General Soe Win coordinated the needs, and the meeting concluded.