Budget for 2019-20 slashed by more than K400 billion

Parliament has shaved more than K400 billion off of the K32 trillion budget earmarked by lawmakers for fiscal 2019-20. 

“Firstly, the proposed budget must align with the state’s policies for the year and secondly it must make sense for the public. After considering this, only what was deemed as excess spending was slashed from the budget,” said U Aung Min, deputy chair of Joint Public Accounts Committee.

The reduction included K30 billion from the funds requested for electricity tariffs during the year. “We compared the previous year’s expenses with this year’s. Another point is that electricity prices were increased. We have calculated consumption of up to 300,000 units and as the expenses are now 1.5 times of the previous rate, we have allowed spending of up to 1.8 times and cut the rest,” said U Aung Min.

Around K20 billion related to projects unable to be complete within the fiscal year was also deducted from the budget. “The Pyidaungsu Hluttaw deployed 20 inspection groups to check and cut the appropriate amount of expenses for the various ministries,” said U Aung Min.

The budget for the coming fiscal year was approved with no objections from the government as a result of the cuts. – Translated