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Myanmar Government Introduces New Budget Regulations

The government of Myanmar has introduced new budget regulations aimed at enhancing transparency and accountability in financial management.

Key Responsibilities

• The Treasury Department will be responsible for designing debt-related strategies and managing government debt.
• It will also calculate annual funding requirements and supervise budget-related banking activities.
• The department will prepare budget statements for the Union and regions/states in cooperation with the Budget Department, and will monitor implementation of budget projections and control expenses.

Duties and Powers

• Region/state governments are responsible for:
  • Collecting revenue
  • Managing expenditures of departments or organizations under their budget plans
  • Performing financial matters in accordance with the Constitution of the Republic of the Union of Myanmar

Auditing and Reporting

• The Office of the Auditor General of the Union will be responsible for:
  • Auditing government finances
  • Ensuring compliance with financial regulations
  • Reviewing and reporting on the implementation of budget statements to the Pyidaungsu Hluttaw (Union Parliament)

Fund Scheme

• A fund scheme has been established for government departments and organizations, including:
  • Union Fund Scheme: all receipts and expenditures must be credited or debited from this fund according to existing financial regulations and procedures within budget allocations.
  • Region/State Fund Scheme: same as above.

Effective Date

The regulations come into effect immediately and will apply to all government departments and organizations operating under the Union Government and region/state governments.

Key Points

• Treasury Department responsible for designing debt-related strategies and managing government debt
• Budget statements to be prepared by Treasury Department in cooperation with Budget Department
• Region/state governments responsible for collecting revenue and managing expenditures of departments or organizations under their budget plans
• Office of the Auditor General of the Union responsible for auditing government finances and ensuring compliance with financial regulations
• Fund scheme established for government departments and organizations, including Union Fund Scheme and Region/State Fund Scheme