9 January 2018
2017-2018 Fiscal Year has passed the first six months. Ratio of deficit and GDP was 4.37 per cent in Budget Estimate and 4.38 per cent in Revised Budget Estimate. In scrutinizing demands for additional grants, it was found that the excess of deficit was attributed to allowance of demands for additional grants of hydro power plants under construction, which are to be granted only after scrutinizing at different levels.
It includes essential matters for fencing Rakhine State Border Lines and for building roads for May Yu range linking routes, approved by the Union Government.” said President U Htin Kyaw at the meeting 3/2017 of the Financial Commission held in Nay Pyi Taw on 2nd October, 2017.
The President added that it must be performed for budget deficit not to exceed 5 per cent of GDP and for original estimates not to have a large gap more than the ratio of deficit and GDP.
World Bank estimated Myanmar’s economic growth rate at 7 per cent, International Monetary Fund at 7.5 per cent and Asia Development Bank at 8.3 per cent respectively. To achieve its 7 per cent growth target of GDP in FY 2017-2018, the government must work for increasing national budget and boosting local and foreign investment, said President U Htin Kyaw at the meeting.
The meeting of the Financial Commission will be held today on Tuesday.