President U Win Myint attends second meeting of Finance Commission in Nay Pyi Taw

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President U Win Myint, Chairman of the Finance Commission, addressed the Finance Commission meeting 2/2019 held yesterday morning at the Presidential Palace in Nay Pyi Taw. The meeting was attended by Finance Commission Vice-Chairmen, Vice-Presidents U Myint Swe and U Henry Van Thio, Commission Secretary Union Minister U Soe Win, Commission members the Union Attorney General U Tun Tun Oo, the Union Auditor General U Maw Than, the Nay Pyi Taw Council Chairman, and Chief Ministers from states and regions and officials. President U Win Myint said that the Finance Commission meeting 2/2019 was held for the second time, and the Finance Commission meeting 1/2019 was also held on April 9, 2019, with a view to making reviews and approval of the fiscal year 2018-2019 supplementary budget requested by Union, States and Regions governments and fiscal year 2018-2019 Union Supplementary Budget Allocation Bill. The aim of the meeting was to amend and approve additional funds needed for development works in the states and regional governments. The time to submit the 2018-2019 Fiscal Year Union Supplementary Budget Allocation Bill was very close because it would be submitted to the Pyidaungsu Hluttaw by 30 April 2019. That was why discussion would be made to send it in a timely manner. As for the States and Regions governments, it was of great importance to make the effective use of the additional funds for the welfare of the local populace while making an attempt to avoid bragging and showing off. The President urged the States and Regions governments to supervise and complete the work schemes within the allotted time and to meet the quality standard as well. As it has already been said at the Finance Commission meeting 1/2019, the reminder would be made again that severe action will be taken against those who invite tenders that are not in conformity with the rules and regulations, and those who take advantage of loopholes in the tender system for their own benefit, said the President. This warning was given again so tender rules and processes should be followed accurately. To sum up, the President urged that the 2018-2019 Fiscal Year Union Supplementary Budget Allocation Bill, including the 2018-2019 Fiscal Year Supplementary Budget Allotment, would be approved after having reviewed by the Finance Commission and concluded his remarks. Next, Finance Commission Vice-Chairman, Vice-President U Myint Swe said that supplementary funds would be approved to carry out the implementation of the regional development in the states and regions. There were no amendments in the Supplementary Budget of the Union-level ministries/organizations. According to the budget of 2018-2019 Fiscal Year, there were K 21,868 billion for revived revenue, K 27188 billion for revised expenditure, K 105726 billion for GDP, K 5320 billion for the net deficit and 5.03 per cent for deficit ratio. The Vice President requested the Commission to review and approve the required funding to spend the development of the states and regions, the 2018-2019 Fiscal Year Union Supplementary Budget Allocation Bill, including the 2018-2019 Fiscal Year Supplementary Budget Allotment, would be approved after having reviewed by the Finance Commission. Then Finance Commission Vice-Chairman, Vice-President U Henry Van Thio said that the supplementary budget K 121 billion and K 39 billion for Union Funds had been approved at Finance Commission meeting 1/2019 on 9 April, after securitizing it in accordance with the constitution, and which would be spent for the regional development of the states and regions. He added that K 40 billion would be granted to conduct the development works of the states and regions in 2018-2019 Fiscal Year. Thus the total supplementary budgets for 2018-2019 Fiscal Years had amounted to K 161 billion and K 79 billion would be supplemented to the states and regions. He also submitted the Finance Commission to review and make an approval of it. Financial Commission secretary Union Minister U Soe Win then explained about fiscal year 2018-2019 union supplementary budget, revised budget and the Union Supplementary Budget Allocation Bill while Financial Commission members Nay Pyi Taw Council Chairman, state and region chief ministers discussed in support of the bill. In delivering his concluding speech the President said the union government, state and regional governments were required to use the supplementary budget precisely according to laws, rules, financial regulations and procedures. And it must be audited systematically in the fiscal year 2018-2019 union supplementary budget, revised budget and the Union Supplementary Budget Allocation Bill would be submitted to the Pyidaungsu Hluttaw. The capacity to evaluate huge projects and producing progress reports were to be raised and developed. Works need to be done by the Union Government toward controlling the deficit amount and the difference between initial and revised GDP to deficit ratio. The budget was to be estimated as accurately as possible and it would best if there were no requests for supplementary budget allocations. As for the states and regions governments, efforts would be conducted to make the effective use of the supplementary funds for the development of their respective regions and which had been approved by the Finance Commission for 2018-2019 Fiscal Years.