Myanmar parliament approves 2013-14 re-drawn state budget

Myanmar parliament approves 2013-14 re-drawn state budget

Myanmar's parliament Thursday approved a re-drawn state budget bill for the fiscal year 2013-14 put forwarded by the government's Financial Commission, led by President U Thein Sein, parliament sources said.

In the approved budget bill, the government is projected to spend 16,732,285 million Kyats with a deficit of 2,926,898 million Kyats.

The country's gross domestic product (GDP) targets 59,248,953 million Kyats with deficit to run at 4.94 percent.

Ministry-wise, the state budget for the Ministry of Defense is projected to 2,244,834.412 million Kyats with 2,124,215.152 million Kyats as deficit.

The state budget for the Ministry of Health is projected at 22, 834.442 million Kyats as income, while 499,306 Kyats as expenditure with 476,441.881 million Kyats as deficit.

The budget for the Ministry of Education is projected at 14,044. 977 million Kyats as income, while 907,976.624 million Kyats as expenditure with 893,931.647 million Kyats as deficit.

Revised from the original one presented to the parliament earlier, the 2013-14 state budget bill was redrawn in accordance with the amended National Planning Bill.

The commission has earmarked 385,000 million Kyats to be spent for raising salary and daily wages rate, allowances and regional expenses for staff in remote areas.

According to earlier official report, in the draft five-year short-term national development plan (2011-12 to 2015-16), the government projected a 7.7-percent annual average GDP growth.

Meanwhile, the International Monetary Fund (IMF) estimated earlier that Myanmar's GDP growth for the present fiscal year 2012- 13 which is ending in March will exceed 6 percent.

xinhuanet