Aug 24, 2011

Budget figures presented in Myanmar parliament

Myanmar will run a deficit of about 2.2 trillion kyat (US $3.2 billion) in the 2011-2012 fiscal year, according to the Public Accounts Committee of the country's Pyitthu Hluttaw, or Lower House of Parliament.

Maung Toe, the secretary of the committee, told MPs on Tuesday morning that the government expected to raise 5.78 trillion kyat ($8.4 billion) in revenue in the current fiscal year, while expenditures were budgeted at 7.983 trillion kyat ($11.6 billion).

It was the first time since 1987 that budget figures have been presented in Parliament.

Both houses of Myanmar's new national legislature have 15-member accounts committees that are required to submit reports to the Pyidaungsu Hluttaw (a combination of both houses) at the request of the Ministry of Finance and Revenue.

Myanmar's second parliamentary session convened in Naypyidaw on Monday. The first session convened its first session of Parliament in 22 years on Jan 31.

Source: Irrawaddy