25.03.2025 (04:30 PM)

The country’s gross domestic product (GDP) is expected to reach 171,498 billion kyats in the 2025-2026 fiscal year, with an economic growth rate of three percent, said Senior General Min Aung Hlaing, Chairman of the Financial Commission, Chairman of the State Executive Council and Prime Minister.

Addressing the Financial Commission meeting held at the meeting hall of the State Executive Council Chairman’s Office in Nay Pyi Taw on March 24, Senior General Min Aung Hlaing, Chairman of the Financial Commission, Chairman of the State Executive Council and Prime Minister, made the following remarks.

The deficit-to-GDP ratio must be maintained within a reasonable range to ensure macroeconomic stability and long-term economic growth. The country’s gross domestic product (GDP) is expected to reach 171,498 billion kyats in the 2025-2026 fiscal year, with an economic growth rate of three percent, said the Prime Minister.

The meeting will discuss and approve the Union Budget Estimates and the Union Budget Bill for the 2025-2026 fiscal year. In order to implement the three economic objectives of the country, each ministry, the Nay Pyi Taw Council, and each state and region will have to prioritize expenditures by sector and region, said the Prime Minister.

Departments and organizations will prioritize expenditures that can directly contribute to the development of the country, such as infrastructure, roads and bridges, electricity, transportation and communication, and export promotion, import substitution, and job creation. Expenditures that must be spent according to the country’s policy, expenditures that are urgently needed for the people, expenditures that support the development of the national economy, job opportunities, and socio-economic development, The Prime Minister, Chairman of the National Agricultural and Livestock Development Committee, said that the state has been approving annual expenditures to promote the development of agriculture and livestock and MSMEs, according to the needs.

In terms of implementation of the budget for each fiscal year, the revenue was 71.78 percent in the 2020-2021 fiscal year, and the expenditure was 77.06 percent; in the six-month fiscal year from October 2021 to March 2022, the revenue was 96.10 percent, the expenditure was 84.25 percent; in the 2022-2023 fiscal year, the revenue was 104.96 percent, the expenditure was 90.78 percent; in the 2023-2024 fiscal year, the revenue was 97.03 percent, the expenditure was 89.32 percent; and in the 2024-2025 fiscal year, the revenue was 71.11 percent, the expenditure was 59.55 percent, the Prime Minister, Chairman of the National Agricultural and Livestock Development Committee, said that the department, The Prime Minister, Chairman of the National Assembly, said that organizations need to work hard to exceed the revenue target in the fiscal year. It is the responsibility of the relevant departments and organizations to scrutinize and manage the allocated funds to the most beneficial and effective use for the state within the specified period. Only when projects that will directly benefit the people can be fully implemented within the specified period can the socio-economic development of the state be supported.

The departments and organizations need to comply with existing laws in public finance management. The Union Government needs to discuss and approve the Union Budget Estimates for the 2025-2026 fiscal year and the Union Budget Bills for the Union Budget to be submitted to the State Executive Council on time.

The meeting was attended by the Vice Chairman of the Financial Commission, Vice Chairman of the State Executive Council, Deputy Prime Minister, Vice Senior General Soe Win, Secretary of the Financial Commission, Union Minister for Planning and Finance U Win Shein, Union Ministers, the Auditor General of the Union, the Chairman of the Nay Pyi Taw Council and Deputy Ministers attended the meeting, while the Chief Ministers of the Regions and States attended via Video Conferencing.

The Deputy Chairman of the Financial Commission and the Deputy Chief Minister said that he will control the budget deficit.