Myanmar Budgeting policy

kyisin Myo, iuj, 2017

Budget policy is extremely important for a nation. The government needs to create and develop the right budget to control all sectors. Budget allocation is a headache for a country like Myanmar that has always had a budget deficiency. Most people have only begun to take an interest in budget allocation since the democracy transition period in 2010.

People can also criticize the budget and how the money is being spent. Previously, there was a big difference between military expenses and the budget allocation for the health and education sectors. When  parliament has rightly questioned aspects of the budget, the policy has changed in some sectors.

Many believe that this government’s annual budget for each department will be unfavorable and significant changes will be made. At a parliamentary session held on January 31, officials from the defence and education ministries clarified their budget needs for 2017-18. The Ministry of Defence asked for Ks2.9 trillion for next financial year, less than previous fiscal years. The Ministry of Education asked for more.

The Ministry of Defence planned to earn about Ks73 million and spend Ks2.9 trillion. The ministry planned to  spend Ks1,654 billion on common expenses, Ks744 billion on salary expenses, Ks432 billion to buy military equipment, Ks16 billion for transportation, Ks80 billion for engineering equipment, Ks178 billion for general use, Ks4.2 billion for military operations, Ks194 billion for factories in military and Ks4.6 billion for interest payments, said Deputy Minister for Defence Maj-Gen Myint Nwe.

The ministry of education asked for over one trillion kyats in 2017-18 and will have income of  Ks24 billion from foreign aid and Ks 42 billion from overseas loans, according to minister for education.

It is important to spend more in the public health and education sectors, so more funds can be  used effectively for the people in the long and short term. The daily eleven wrote that respective authorities need to take responsibility for the budget as the country cannot afford to waste money on corruption issues.

if you consider more information please visit
http://blog.yanoak.com/myanmars-government-budget/