Monday, 24 March 2014

Myanmar gov't seeks parliament'approval for national planning bill

The Myanmar government has put forward to the parliament a national planning bill for 2014-15 fiscal year for approval which calls for greater education and health spendings, state media reported Saturday.

Submitted by Minister of National Planning and Economic Development Dr. Kan Zaw, the bill allocates a budget of more than 1.142 trillion Kyats (1.18 billion US dollars) to education in 2014-15, up from 908 billion Kyats in 2013-14, accounting for 5.9 percent of the total spending.

Meanwhile, the health sector will raise spending to more than 652 billion Kyats in 2014-15 , up from 499 billion Kyats in 2013- 14, accounting for 3.4 percent of the total.

According to the bill, 4.22 billion Kyats has been added to the state's original investment of 6.855 trillion Kyats.

Minister of Finance U Win Shein said state enterprises have been expected to run on commercial basis since 2012-13, allowing them to manage their income with the opening of other accounts.

This aimed at ensuring their own budgets without depending on funding from the state budget, he said.

With the help of International Monetary Fund and World Bank, he said, plans are underway to transform the state-owned enterprises into public companies or joint venture businesses.

source: Global Times

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